3. Cooper Corporation has 100,000 common shares issued at an average price of $20 per share. Cooper reacquires 1,000 shares for $19,500 and cancels them. The journal entry would include: a. a $19,500 debit to cash. b. a $500 debit to Loss on Reacquisition of Common Shares. c. a $500 credit to Gain on Reacquisition of Common Shares. d. a $20,000 debit to Common Shares.
3. Cooper Corporation has 100,000 common shares issued at an average price of $20 per share. Cooper reacquires 1,000 shares for $19,500 and cancels them. The journal entry would include: a. a $19,500 debit to cash. b. a $500 debit to Loss on Reacquisition of Common Shares. c. a $500 credit to Gain on Reacquisition of Common Shares. d. a $20,000 debit to Common Shares.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...
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