Treasury stock is an 1 point Liability Asset Contra-liability Contra-equity Contra-asset 2. Question 2 Gal is the treasurer of Katz corp. They repurchased stock last year for a total of $120,000. This year they resold the stock for $140,000. Gal is pleased to have raised $20,000 extra with this transaction. How should Gal reflect this on their financial statements?  

Answer rating: 100% (QA)

Treasury stock is a contraequity account Heres how Gal should reflect the repurchase and resale of t... View the full answer