Journalizing treasury stock transactions and reporting, Finance Basics

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Journalizing treasury stock transactions and reporting

Question: Journalizing treasury stock transactions and reporting stockholders' equity Mountain Amusements Corporation had the following stockholders' equity on November 30:

On December 30, Mountain purchased 175 shares of treasury stock at $8 per share.

Requirements: 1. Journalize the purchase of the treasury stock.

2. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. Assume the balance in retained earnings is unchanged from November 30.

3. How many shares of common stock are outstanding after the purchase of treasury stock?

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