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Concord Corporation was organized on January 2, 2021, with 504000 authorized shares of $10 par value...


Concord Corporation was organized on January 2, 2021, with 504000 authorized shares of $10 par value common stock. During 2021, Concord had the following capital transactions:

January 5—issued 378000 shares at $16 per share.
July 27—purchased 25200 shares at $13 per share.
November 25—sold 15120 shares of treasury stock at $15 per share.

Concord used the cost method to record the purchase of the treasury shares. What would be the balance in the Paid-in Capital from Treasury Stock account at December 31, 2021?

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Answer #1

Calculate paid in capital from treasury stock :

Paid in capital from treasury stock is arises when treasury stock is reissued on higher than purchase cost of treasury stock.

So paid in capital from sale of treasury stock account = (15-13)*15120 = $30240

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