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How will foodmart inc report treasury stock on balance sheet

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Reference no: EM132879448

Problem 1: Jarrell, Inc. purchases 8,500 shares of the company's own $6 par common stock for $8 per share. Journalize the transaction. Omit explanation.

Foodmart, Inc. completed the following treasury stock transactions in 2018:

Mar. 3 Purchased 1,800 shares of the company's $3 par value common stock as treasury stock, paying cash of $10 per share.
Mar. 17 Sold 400 shares of the treasury stock for cash of $12 per share.
Mar. 25 Sold 600 shares of the treasury stock for cash of $7 per share.
(Assume the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200.)

Problem 2: Journalize these transactions. Explanations are not required. How will Foodmart, Inc. report treasury stock on its balance sheet as of December 31, 2018?

Reference no: EM132879448

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