Question - Treasury Stock Transactions
Augusta Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On June 19 of the current year, Augusta Gardens Inc. reacquired 19,200 shares of its common stock at $33 per share. On August 30, 12,100 of the reacquired shares were sold at $35 per share, and on September 6, 4,600 of the reacquired shares were sold at $38.
a. Journalize the transactions of June 19, August 30, and September 6.
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?