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 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20.Required:a.Journalize the transactions of January 31, June 14, and November 23. b.What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? What is the balance in Treasury Stock on December 31 of the current year? How will the balance in Treasury Stock be reported on the balance sheet? b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?c. What is the balance in Treasury Stock on December 31 of the current year?2$d. How will the balance in Treasury Stock be reported on the balance sheet?

Treasury Stock are the stock which are issued earlier to the public but now bought back by the…

Answered: Yard Spray Inc. develops and produces…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.18E

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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 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20.

Required:

a.	Journalize the transactions of January 31, June 14, and November 23.
b.	What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
	What is the balance in Treasury Stock on December 31 of the current year?
	How will the balance in Treasury Stock be reported on the balance sheet?

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?
2$
d. How will the balance in Treasury Stock be reported on the balance sheet?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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