SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March...
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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?
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