Question

At January 1, 2022, ZZ Company reported the following stockholders equity accounts: Common stock, $9 par .. Paid-in capital - common stock .. Treasury stock (14,000 shares at $15 cost) Paid-in capital - treasury stock Retained earnings $450,000 125,000 210,000 12,000 58,000 During January, ZZ Company entered into the following transactions: January 14 Re-issued 3,000 of the treasury shares for $9 per share January 19 Re-issued 5,000 of the treasury shares for $16 per share January 22 Issued 4,000 shares of previously un-issued common stock for $17 per share D January 29 Re-issued 2,000 of the treasury shares for $13 per share Calculate the balance in the paid-in capital - treasury stock account after all of the above transactions have been recorded. 1,000

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Journal entries is given below

Balance in paid-in capital Treasury stock Opening Balance January 14 Debit January 19 Credit January 29 Debit Closing balance $12,000 -$12,000 $5,000 -$4,000 $1,000 Credit Date Journal January 14 Cash Paid - in capital - Treasury stock Retained Earnings To Treasury stock Debit $27,000 $12,000 $6,000 $45,000 $80,000 January 19 Cash To Treasury stock To Paid - in capital - Treasury stock $75,000 $5,000 $68,000 January 22 Cash To Common stock To paid- in capital-common stock $36,000 $32,000 January 29 Cash Paid - in capital - Treasury stock To Treasury stock $26,000 $4,000 $30,000