Ask Question
20 January, 21:54

During the current year, Onal Co. purchased 10,000 shares of its own stock at $7 per share. The stock was originally issued at $6. The firm sold 5,000 of the treasury shares for $10 per share. The firm uses the cost method to account for treasury stock. What amount should Onal report in its income statement for these transactions?

+5
Answers (1)
  1. 20 January, 23:09
    0
    What amount should Onal report in its income statement for these transactions? 0.

    Explanation:

    deb cre

    year-1 Treasury Stock 70000

    (10000*7)

    Cash 70000

    year-1 Cash 50000

    (5000*10)

    Treasury Stock 35000

    (5000*7)

    Paid in capital for treasury stock 15000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “During the current year, Onal Co. purchased 10,000 shares of its own stock at $7 per share. The stock was originally issued at $6. The firm ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers