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What amount would Jones report as Common Stock in the equity section of its balance sheet?

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Jones Fortune Company issued 10,000 shares of $15 par common stock on February 1, 20X7 for $20 per share. The company bought back 2,000 shares when the share price fell to $16 per share on August 31, 20X7 and then resold 1,000 shares when the price rebounded to $22/share on December 15, 20X7. Jones accounts for its treasury stock transaction using the cost method.

What amount would Jones report as common stock in the equity section of its December 31, 20X7 balance sheet?

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Solution Summary

This response determines the amount a company will report as common stock on their balance sheet if it accounted for its treasury stock trasaction using the cost method.

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Date Common stock APIC Treasury Stock APIC - Treasury Stock
February ...

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