SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March...
60.1K
Verified Solution
Link Copied!
Question
Accounting
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 9,500 shares of its common stock at $38 per share. On June 9, 6,000 of the reacquired shares were sold at $40 per share, and on November 13, 2,300 of the reacquired shares were sold at $43.
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
June 9
Nov. 13
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $
c. What is the balance in Treasury Stock on December 31 of the current year? $
d. How will the balance in Treasury Stock be reported on the balance sheet?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
