Geyser Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 3 of the current year, Geyser Inc. reacquired 7,500 shares of its common stock at $120 per share. On August 11, 4,000 of the reacquired shares were sold at $130 per share, and on October 3, 2,500 of the reacquired shares were sold at $124.
a. Journalize the transactions of March 3, August 11, and October 3.
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?