On February 2nd of the current year, Bradley's Video Games, Inc. reacquired 5,000 shares of its $10 par value common stock at $50 per share. On February 23rd, Bradley's Video Games, Inc. sold 1,000 of the reacquired shares at $65 per share. On February 27th, the remaining 4,000 shares were sold at $40 per share.
Required:
1. Prepare the journal entries necessary to record these transactions.
2. What is the balance in the treasury stock account on February 28th?

Question

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The Answer of On February 2nd of the current year, Bradley's Video Games, Inc. reacquired 5,000 shares of its $10 par value common stock at $50 per share. On February 23rd, Bradley's Video Games, Inc. sold 1,000 of the reacquired shares at $65 per share. On February 27th, the remaining 4,000 shares were sold at $40 per share.
Required:
1. Prepare the journal entries necessary to record these transactions.
2. What is the balance in the treasury stock account on February 28th?

On February 2nd of the Current Year, Bradley's Video Games