Tax price: 7.25 x 28/100 = $2.03
Total price = original + tax
= 28 + 2.03
= $30.03
Answer:
The Purchased 5,000 shares at $95,000 would be considered as <u>Treasury stock</u> and it will be treated as <u>Asset</u>
Explanation:
Journal Entry Debit Credit
Treasury stock $95,000
Cash $95,000
The 5,000 shares should be considered as authorized , issued and outstanding shares although they are deducted from paid in capital under stockholders equity section.
Cities are municipal corporations that operate under C. Charters from the state.
