Augusta Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On August 30 of the current year, Augusta Gardens Inc. reacquired 17,500 shares of its common stock at $42 per share. On October 31, 14,000 of the reacquired shares were sold at $45 per share, and on November 10, 2,000 of the reacquired shares were sold at $48.
(a) Journalize the transactions of August 30, October 31, and November 10.
(b) What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
(c) What is the balance in Treasury Stock on December 31 of the current year?
(d) How will the balance in Treasury Stock be reported on the balance sheet?