Tom’s Lawn Equipment Inc. develops and produces spraying
equipment for lawn maintenance and industrial uses. On June 19 of the current
year, Tom’s Lawn Equipment Inc. reacquired 24,000 shares of its common stock at
$64 per share. On August 30, 19,000 of the reacquired shares were sold at $68
per share, and on September 6, 3,000 of the reacquired shares were sold at $70.
a. Journalize the transactions of June 19, August 30, and
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