(L.OBJ. 3) Accounting for the purchase and sale of treasury stock [10 min]
Bargain Central Furniture, Inc., completed the following treasury stock transactions:
a. Purchased 1,300 shares of the company’s $1 par common stock as treasury stock, paying cash of $6 per share
b. Sold 700 shares of the treasury stuck for cash of $9 per share
Requirements
1. Journalize these transactions. Explanations are not required.
2. Show how Bargain Central will report treasury stock on its December 31, 2010 balance 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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