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Green Company issued 20,000 shares of $5 par common stock. Six months later Green acquired...

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Accounting

  1. Green Company issued 20,000 shares of $5 par common stock. Six months later Green acquired 4,000 shares of its own common stock at $12 per share. Three months later Green sold 1,000 of these shares at $18 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 1,000 treasury shares, Green should credit Treasury Stock at?

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To determine the amount that Green Company should credit to Treasury Stock when it sells 1000 shares of its own treasury stock we need to follow these steps 1 Understand the Cost Method Under the cost method treasury stock is recorded at the cost paid to acquire it When shares are sold the treasury stock account    See Answer
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