Question

a. Reacquired 21,000 shares of its own stock for a total of $378,000 b. Sold 6,300...

a. Reacquired 21,000 shares of its own stock for a total of $378,000

b. Sold 6,300 shares of treasury stock for $23 per share

c. Sold 2,900 shares of treasury stock for a total of $43,500

What is the credit balance in Paid-in Capital from Sale of treasury stock after part (c)?

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Answer #1
Purchase cost of Treasury Stock per share (378000/21000) 18
Selling price of firrst lot of 6300 shares 23
Less: Purchase price 18
Gain on resale per share 5
Number of shares resold 6300
Amount credit in paid in capital-Treasaury stock 31500
Selling price of firrst lot of 2900 shares 15
Less: Purchase price 18
Loss on resale per share -3
Number of shares resold 2900
Amount debited from paid in capital-Treasury stock -8700
Net Amount credited in Paid in capital-Treasury Stock 22800
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