5. When it began business in 2026, Ajax, Inc. issued 100,000 shares of $2 par stock...

5. When it began business in 2026, Ajax, Inc. issued 100,000 shares of $2 par stock for $1,000,000. In the following year, the company repurchased 10,000 shares for $200,000. In 2028, 5,000 of the repurchased shares were resold for $160,000. In its balance sheet dated December 31, 2028, Coy, Inc.'s treasury stock account shows a balance of:

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Expert Solution

Treasury Stock balance is $ 100,000,

Please find the attached sheet,

Please comment for any explanation,

Thanks,

ekkarill92 answered 1 year ago

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