On March 4 of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of it

Question

On March 4 of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of its common stock at $89 per share. On August 7, Barefoot Bay sold 3,500 of the reacquired shares at $100 per share. The remaining 1,500 shares were sold at $88 per share on November 29.

1. Journalize the transactions of March 4, August 7, and November 29. If an amount box does not require an entry, leave it blank or enter "0".

2. What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31 of the current year?
$

Explanation / Answer

4-Mar Treasury stock 445000 =5000*89        Cash 445000 7-Aug Cash 350000 =3500*100        Treasury stock 311500 =3500*89        Paid in capital-Treasury stock 38500 29-Nov Cash 132000 =1500*88 Paid in capital-Treasury stock 1500        Treasury stock 133500 =1500*89 2 Balance in Paid-in Capital from Sale of Treasury Stock = 38500-1500 = $37000

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