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On January 2, 2018, the first year of operations, Brunswick Corp
On January 2, 2018, the first year of operations, Brunswick Corp. issued 15,000 shares of $10 par value common stock for $15 per share. On July 1, 2018, 2,000 of these shares were reacquired for $19 each. On September 1, 2018 Brunswick Corp. reissued 500 shares of its treasury stock for $23 per share. No other stock transactions occurred during the rest of fiscal year 2018. Use this information to determine the dollar amount that Brunswick will report on its fiscal year 2018 Balance Sheet for Paid in Capital Treasury Stock.
Expert Solution
Computation of Dollar Amount that Brunswick will report on its fiscal year 2018 Balance Sheet for Paid in Capital Treasury Stock:
Paid in Capital Treasury Stock = Treasury shares reissued*(Sale price of share-Purchase price of share)
= 500 shares*($23 - $19)
= 500 shares*$4
Paid in capital treasury stock = $2,000
Thus the dollar amount Brunswick corp will report on its fiscal year 2018 balance sheet for paid in capital treasury stock is $2,000.
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