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Homework answers / question archive / Treasury Stock Transactions SprayCo Inc
Treasury Stock Transactions
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 11,400 shares of its common stock at $26 per share. On June 9, 7,200 of the reacquired shares were sold at $28 per share, and on November 13, 2,700 of the reacquired shares were sold at $29.
a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank.
Mar. 9
fill in the blank b679d4069fdf056_2
fill in the blank b679d4069fdf056_3
fill in the blank b679d4069fdf056_5
fill in the blank b679d4069fdf056_6
June 9
fill in the blank b679d4069fdf056_8
fill in the blank b679d4069fdf056_9
fill in the blank b679d4069fdf056_11
fill in the blank b679d4069fdf056_12
fill in the blank b679d4069fdf056_14
fill in the blank b679d4069fdf056_15
Nov. 13
fill in the blank b679d4069fdf056_17
fill in the blank b679d4069fdf056_18
fill in the blank b679d4069fdf056_20
fill in the blank b679d4069fdf056_21
fill in the blank b679d4069fdf056_23
fill in the blank b679d4069fdf056_24
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
$fill in the blank 71af6cf83008009_1
c. What is the balance in Treasury Stock on December 31 of the current year?
$fill in the blank 71af6cf83008009_3
d. How will the balance in Treasury Stock be reported on the balance sheet?
a) PFA
b) Paid in capital from sale of treasury stock ($14,400+$8,100) = $22,500
c) Treasury stock balance ($296,400-$187,200-$70,200) = $39,000
d) Balance of treasury stock will be reported in balance as deduction from stockholders' equity.
