Custom Bundle: Accounting, Loose-leaf Version, 26th + Working Papers, Chapters 1-17, 26th Edition
26th Edition
ISBN: 9781305714731
Author: Warren/Reeve/Duchac
Publisher: Cengage
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Chapter 13, Problem 13.12EX
A.
To determine
To prepare: The
B.
To determine
The balance in paid in capital from sale of treasury stock on December 31 of the current year.
C.
To determine
The balance in the treasury stock on December 31 of the current year.
D.
To determine
To describe: The way in which balance of treasury stock would be reported on the
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Treasury Stock Transactions
Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 19,000 shares of its common stock at $36 per share. On June 14, 12,000
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a. Journalize the transactions of January 31, June 14, and November 23. For a compound transaction, 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?
c. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?
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Gloria Detoya Corporation was authorized to issue 900,000 shares of 5%, $100 par value preference shares and 1.5 million shares of no- par, $5 stated value ordinary shares. The ff. transactions occurred during 2018:
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Entries for Selected Corporate Transactions
Bacalso Enterprises, Inc. manufactures bathroom fixtures. The shareholders' equity
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Chapter 13 Solutions
Custom Bundle: Accounting, Loose-leaf Version, 26th + Working Papers, Chapters 1-17, 26th Edition
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