Treasury stock transaction using cost method

Reference no: EM13127228

Jones Fortune Company issued 10,000 shares of $15 par common stock on February 1, for $20 per share. The company bought back 2,000 shares when the share price fell to $16 per share on August 31and then resold 1,000 shares when the price rebounded to $22/share on December 15. Jones accounts for its treasury stock transaction using the cost method. What amount would Jones report as Common Stock in the equity section of its December 31 balance sheet?

a)135,000

b)140,000

c)150,000

d)190,000

Reference no: EM13127228

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