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Refer to the data in PE 11-7 through 11-9. Assume the paid-in capital, treasury stock account currently

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Refer to the data in PE 11-7 through 11-9. Assume the paid-in capital, treasury stock account currently has a $1,000 credit balance. Diviney resells 800 shares of treasury stock for $30 per share. Make the necessary journal entry (or entries) to record this transaction.


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Cash 800 shares x 30 24000 PaidIn Capital Treasu...View the full answer


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Accounting concepts and applications

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Treasury stock refers to shares of a company\'s own stock that the company has bought back from its shareholders and now holds as a form of asset on its balance sheet. When a company buys back its own stock, it reduces the number of outstanding shares in the market, which can potentially increase the value of the remaining shares. Treasury stock can be acquired through a variety of methods, such as open market purchases, negotiated transactions, or as a result of converting convertible securities. Companies may buy back their own shares for a number of reasons, including to return capital to shareholders, to signal confidence in the company\'s future, or to use the shares for employee stock option plans. While treasury stock does not pay dividends, it can be reissued by the company at a later time, which could dilute the value of the remaining shares. Companies are required to report their treasury stock holdings in their financial statements.

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