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

Transcribed Image Text:

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 17,000 shares of its common stock at $32 per share. On June 14, 10,700 of the reacquired shares were sold at $35 per share, and on November 23, 4,100 of the reacquired shares were sold at $36. 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 June. 14 Nov. 23 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? S c. What is the balance in Treasury Stock on December 31 of the current year? S d. How will the balance in Treasury Stock be reported on the balance sheet? 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 17,000 shares of its common stock at $32 per share. On June 14, 10,700 of the reacquired shares were sold at $35 per share, and on November 23, 4,100 of the reacquired shares were sold at $36. 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 June. 14 Nov. 23 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? S c. What is the balance in Treasury Stock on December 31 of the current year? S d. How will the balance in Treasury Stock be reported on the balance sheet?

Answer rating: 100% (QA)

a Journal Entries Jan 31 Date Account Debit Credit Jan 31 Treasury Stock 17000 shares 32 544000 Jan ... View the full answer