Question

On March 4 of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of its common stock at $89 per share. On August 7, Barefoot Bay sold 3,500 of the reacquired shares at $100 per share. The remaining 1,500 shares were sold at $88 per share on November 29.

1. Journalize the transactions of March 4, August 7, and November 29. If an amount box does not require an entry, leave it blank or enter "0".

Mar. 4
Aug. 7
Nov. 29

2. What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31 of the current year?
$

Answer 1

4-Mar	Treasury stock	445000		=5000*89
	Cash		445000
7-Aug	Cash	350000		=3500*100
	Treasury stock		311500	=3500*89
	Paid in capital-Treasury stock		38500
29-Nov	Cash	132000		=1500*88
	Paid in capital-Treasury stock	1500
	Treasury stock		133500	=1500*89
2
Balance in Paid-in Capital from Sale of Treasury Stock = 38500-1500 = $37000