Accounting
27th Edition
ISBN: 9781337272094
Author: WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher: Cengage Learning,
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Question
Chapter 13, Problem 13.16EX
(a)
To determine
To prepare: The
B.
To determine
The balance in paid in capital from sale of treasury stock on December 31 of the current year.
c.
To determine
The location where the balance in paid in capital from sale of treasury stock be reported on the balance sheet.
d.
To determine
To discuss: The reason, for which Incorporation B has purchased the treasury stock.
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Treasury Stock Transactions
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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,700 shares of its common stock at $86 per share. On September 22, Mystic Lake sold 2,600 of the reacquired shares at $96 per share. The remaining 1,100 shares were sold at $82 per share on November 23.
a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.
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fill in the blank 2f903602bf9afea_2
fill in the blank 2f903602bf9afea_3
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Sept. 22
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fill in the blank 2f903602bf9afea_8
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fill in the blank 2f903602bf9afea_14
fill in the blank 2f903602bf9afea_15
Nov. 23
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Chapter 13 Solutions
Accounting
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