Discount Center Furniture Inc completed the following treasu

Discount Center ?Furniture, Inc. completed the following treasury stock transactions in 2018?:

Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Discount Center ?Furniture, Inc. report treasury stock on its balance sheet as of December ?31, 2018?? Requirement 1. Journalize these transactions. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.) Dec. ?1: Purchased 1,200 shares of the? company\'s $1 par value common stock as treasury? stock, paying cash of $ 8 per share. Date Accounts Debit Credit Dec. 1 Dec. ?15: Sold 300 shares of the treasury stock for cash of $ 11 per share. Date Accounts Debit Credit Dec. 15 Dec. ?20: Sold 600 shares of the treasury stock for cash of $ 4 per share.? (Assume the balance in? Paid-In Capital from Treasury Stock Transactions on December 20 is $ 1 comma 800?.) Date Accounts Debit Credit Dec. 20

Solution

Journal entry :

Report in balance sheet :

Discount center furniture inc. should deduct stockholder\'s equity by (300*8) = $2400