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Coy, Inc. initially issued 220,000 shares of $1 par stock for $1,100,000 in 2019. In 2020, the company repurchased 22,000 shares for $220,000. In 2021, 11,000 of the repurchased shares were resold for $176,000. In its balance sheet dated December 31, 2021, Coy, Inc.'s treasury stock account shows a balance of:

Respuesta :

letmeanswer

$110000 will be shown

Explanation:

$110000 will be shown in the treasury stock account of Coy, Inc.

Company repurchased the shares in the year 2020, for $220000 ( 22000 sahres) and out of which the company sold half of its shares that is (11000 sahres ) in the year 2021 for an amount of $110000.

It means there is no paid- in - capital in excess for the treasury stock, recording is to be done at the cost, not at the par).

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