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:

Par Value

A nominal or face value assigned to a share of stock by the company's charter, which has little bearing on its market value.

Shares

Units of ownership in a company, representing a portion of the corporation's capital, often traded on stock exchanges.

Treasury Shares

Shares that were once part of the float and outstanding shares but were subsequently bought back by the issuing company, reducing the amount of stock on the open market.

Common Stock

Equity ownership in a corporation, with privileges that may include voting rights and a share in profits through dividends and capital appreciation.