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Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On...

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Accounting

Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 11,400 shares of its common stock at $29 per share. On June 14, 7,200 of the reacquired shares were sold at $32 per share, and on November 23, 2,700 of the reacquired shares were sold at $31.

Question Content Area

a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank.

Jan. 31 CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock - Select - - Select -
CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock - Select - - Select -
June. 14 CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock - Select - - Select -
CashCommon StockPreferred StockRetained EarningsTreasury Stock - Select - - Select -
CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockRetained Earnings - Select - - Select -
Nov. 23 CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock - Select - - Select -
CashCommon StockPreferred StockRetained EarningsTreasury Stock - Select - - Select -
CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockRetained Earnings - Select - - Select -

Question Content Area

b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $fill in the blank 64cbc9fb407c077_1

CreditDebit

c. What is the balance in Treasury Stock on December 31 of the current year? $fill in the blank 64cbc9fb407c077_3

CreditDebit

d. How will the balance in Treasury Stock be reported on the balance sheet?

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