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On January 10, 2019, Trendy Design Services purchased treasury stock at a cost of $25...

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Accounting

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On January 10, 2019, Trendy Design Services purchased treasury stock at a cost of $25 million. On July 3, 2019, Trendy resold some of the treasury stock for $7 million; this resold treasury stock had cost the company $2 million. Record the purchase and resale of Trendy's treasury stock. Overall, how much did stockholders' equity increase or decrease as a result of the two treasury-stock transactions? Record the purchase and resale of Trendy's treasury stock. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the problem statement.) First, record the purchase of the treasury stock. Journal Entry Accounts Date Debit Credit Millions Jan 10

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