Accounting for the purchase and sale of treasury stock [10 min]
Discount Center Furniture, Inc., completed the following treasury stock transactions:
a. Purchased 1,400 shares of the company’s $1 par common stock as treasurystock, paying cash of $5 per share.
b. Sold 400 shares of the treasury stock for cash of $8 per share.
Requirements
1. Journalize these transactions. Explanations are not required.
2. Show how Discount Center will report treasury stock on its December 31, 2012balance sheet after completing the two transactions. In reporting the treasury stock,report only on the Treasury stock account. You may ignore all other accounts.
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