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Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial...

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Accounting

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 16,200 shares of its common stock at $29 per share. On June 9, 10,200 of the reacquired shares were sold at $32 per share, and on November 13, 3,900 of the reacquired shares were sold at $33.

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 Treasury Stock
Cash
June 9 Cash
Treasury Stock
Paid-In Capital from Sale of Treasury Stock
Nov. 13 Cash
Treasury Stock
Paid-In Capital from Sale of Treasury Stock

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b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $ Credit

c. What is the balance in Treasury Stock on December 31 of the current year? $ Debit

d. How will the balance in Treasury Stock be reported on the balance sheet? As a deduction from stockholders' equity

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