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andrey2020 [161]
3 years ago
15

"2. In 2020, Polar Engines issued 125,000 shares of its $1 par common stock at $12 per share. On September 30, 2022 Polar Engine

s repurchased 15,000 shares at $17 per share to hold in Treasury. Finally, on July 31, 2023 Polar Engines resold 10,000 of its treasury stock for $20 per share. What is the dollar amount of Treasury stock at the end of 2023?"
Business
1 answer:
notsponge [240]3 years ago
5 0

Answer:

Dollar amount of Treasury stock at the end = $85,000

Explanation:

Given:

Number of purchase treasury stock = 15,000 at $17

Number of sold treasury stock = 10,000

Computation:

Amount of purchase treasury stock = 15,000 × $17

Amount of purchase treasury stock = $255,000

Amount of sold treasury stock = 10,000 × Purchase price

Amount of sold treasury stock = 10,000 × $17

Amount of sold treasury stock = $170,000

Computation of dollar amount of Treasury stock at the end:

Dollar amount of Treasury stock at the end = Amount of purchase treasury stock - Amount of sold treasury stock

Dollar amount of Treasury stock at the end = $255,000 - $170,000

Dollar amount of Treasury stock at the end = $85,000

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