Question

1, 2019, Excell exchanged the equipment for new eq new equipment is $45,000. Prepare a statement to Show the loss or gain on exchange (10 points) Prepare the journal entry to record this transaction. Omit explanation (25 points) Assume the exchange had commercial substance. 4) Marketsite, Inc. completed the following treasury stock transactions in 2018: June. 3 Purchased 2,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $10 per share. June 14 Sold 1000 shares of the treasury stock for cash of $20 per share. Journalize the two transactions. Explanations are not required. (20 points) How will Marketsite, Inc. report treasury stock on its balance sheet as of December 31, 2018? (10 points)

Answer 1

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Question 4
Date	Account	Debit	Credit
Jun 3	Treasury Stock	$   20,000
	Cash		$     20,000
Jun 14	Cash (1,000*$20)	$   20,000
	Treasury Stock (1,000*$10)		$     10,000
	Paid in capital in excess of par- Treasury		$     10,000
	Stockholder's Equity:
	Treasury Stock		$ (10,000)