Solved: What accounts would be affected by sale of treasury stock, Financial Accounting

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What accounts would be affected by sale of treasury stock

Response to the following problem:

Sun Dance Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On June 3 of the current year, Sun Dance Gardens Inc. reacquired 28,000 shares of its common stock at $37 per share.

a. What is the balance of Treasury Stock on December 31 of the current year?

b. How will the balance in Treasury Stock be reported on the balance sheet?

c. Assume that Sun Dance Gardens sold 10,000 shares of its treasury stock at $40 on November 2. What accounts would be affected by the sale of the treasury stock?

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Financial Accounting: What accounts would be affected by sale of treasury stock

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Financial Accounting: What accounts would be affected by sale of treasury stock

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