BUSINESS HIGH SCHOOL

johnny deng, incorporated initially issued 200,000 shares of $1 par stock for $1,000,000 in 2022. in 2023, the company repurchased 20,000 shares for $200,000. in 2024, 10,000 of the repurchased shares were resold for $160,000. in its balance sheet dated december 31, 2024, johnny deng, incorporated's treasury stock account shows a balance of:

Answers

Answer 1
Answer:

The balance in Johnny Deng, Incorporated's treasury stock account as of December 31, 2024, is $240,000.

1. Initially, 200,000 shares were issued for $1,000,000.


2. In 2023, 20,000 shares were repurchased for $200,000, resulting in a treasury stock balance of $200,000.


3. In 2024, 10,000 of the repurchased shares were resold for $160,000.


4. To calculate the remaining treasury stock balance, subtract the resold shares' value from the initial treasury stock balance: $200,000 - $160,000 = $40,000.


5. Since the company initially repurchased 20,000 shares and resold 10,000 of them, there are still 10,000 shares in the treasury.


6. The balance in the treasury stock account is the value of these remaining 10,000 shares plus the $40,000 difference: 10,000 shares x $20/share (initial repurchase price) = $200,000; $200,000 + $40,000 = $240,000.

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