Horsebarn Co. was organized on January 2, 2015, with 500,000 authorized shares of $10 par value...
Horsebarn Co. was organized on January 2, 2015, with 500,000 authorized shares of $10 par value common stock. During 2015, Horsebarn had the following capital transactions: January 10—issued 375,000 shares at $15 per share. July 26—purchased 25,000 shares at $11 per share. November 20—sold 5,000 shares of treasury stock at $14 per share. December 15—sold 10,000 shares of treasury stock at $10 per share. The cost method is used to record the purchase of the treasury shares. What would be the balance in the Treasury Stock account at December 31, 2015?
Homework Answers
The balance in the Treasury Stock account at December 31, 2015 is $110,000
Calculations:
| July 26, 2015 | Treasury stock [25,000 shares x $11 cost] | $275,000 |
| Nov. 20,2015 | Sale of treasury stock [5,000 shares x $11 cost] | ($55,000) |
| Dec. 15,2015 | Sale of treasury stock [10,000 shares x $11 cost] | ($110,000) |
| Dec.31,2015 | Balance in the treasury stock account | $110,000 |
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