Discount Furniture, Inc. completed the following treasury stock transactions in 2024: Requirements 1. Journalize these transactions. Explanations
Question:
Discount Furniture, Inc. completed the following treasury stock transactions in 2024:
Requirements
1. Journalize these transactions. Explanations are not required.
2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2024?
Transcribed Image Text:
Dec. 1 15 20 Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. Sold 200 shares of the treasury stock for cash of $8 per share. Sold 1,000 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,400.)
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Related Book For
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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