Solution-How would scotti report september sale of treasury

How would scotti report september sale of treasury shares

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Reference no: EM132526993

Scotti Company had the following transactions during the year 2018:

On January 1, 2018, its first year of business, Scotti Company issued 800,000 shares of $5 par value Common Stock for $18 per share.
On July 5, 2018, Scotti repurchased 200,000 shares at $20 per share.
On August 4, 2018, Scotti reissued 50,000 of its Treasury shares at $25 per share.
On September 15, 2018, Scotti reissued 50,000 of its Treasury shares at $23 per share.
On December 29, Scotti reissued the remaining 100,000 shares for $15.50 per share.

Scotti earned $420,000 of net income throughout the year and did not pay any dividends in its first year.

Question 1: How would Scotti report the September 15th sale of the treasury shares?

Reference no: EM132526993

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How would scotti report september sale of treasury shares

Reference no: EM132526993

Reference no: EM132526993

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