Bargain Central Furniture, Inc., completed the following treasury stock transactions: Purchased 1,300 shares of the companies $1
Fantastic news! We've Found the answer you've been seeking!
Question:
Bargain Central Furniture, Inc., completed the following treasury stock transactions:
Purchased 1,300 shares of the companies $1 par common stock, as a treasury stock, paying $6 par per share.
Sold 700 shares of the treasury stocks for cash $9 per share.
Requirements
1) Journalize these transactions. Explanations are not required.
2) Show how Bargain Central will report treasury stock on its December 31, 2010 balance sheet after completing the two transactions. In reporting the treasury stock, report only on the Treasury Stock account. You may ignore all other accounts.
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date: