Foodmart,Inc $\$ 3$ Par Value Common Stock as Treasury Stock, Paying Cash Of 3

question 149

Essay

Foodmart,Inc.completed the following treasury stock transactions in 2018:
Mar. 3 Rurchased 1,Bed shares of the company's $\$ 3$ par value common stock as treasury stock, paying cash of $\$ 10$ per share.
Mar. 17 Sold 400 shares of the treasury stock for cash of $\$ 12$ per share.
Mar. 25 Sold 600 shares of the treasury stock for cash of $\$ 7$ per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200.)
Journalize these transactions.Explanations are not required.
How will Foodmart,Inc.report treasury stock on its balance sheet as of December 31,2018?

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Definitions:

Non-cumulative

Refers to types of shares or dividends that do not accumulate or carry over unpaid dividends into future periods.

Non-cumulative

Describes preferred stocks where dividends not declared in a given period do not accumulate and are not required to be paid in the future.

Nonparticipating

In insurance, refers to a policy that does not entitle the policyholder to share in the surplus profits of the insurer.

Participating

In finance, it often refers to securities or policies that allow owners to receive dividends, or share in profits beyond a specified amount.