32 On January 1, 2020, Belmont Corporation had 50,000 shares of $10 par value common stock issued and outstanding. All 50,000 shares had been issued in a prior period at $15 per share. On February 1, 2020, Belmont purchased 2,000 shares of treasury stock for $18 per share and later sold the treasury shares for $20 per share on March 2, 2020. The entry to record the purchase of the treasury shares on February 1, 2020, is: hote to 2915 A) Cash $ 36,000 Treasury Stock-Common B) Cash 36,000 Treasury Stock-Common Gain on Treasury Stock-Common C) Treasury Stock, Common 30,000 6,000 36,000 D) Treasury Stock, Common 000 Cash E) None of the above Loss on Treasury Stock-Common Cash LA LA $ $ bist isnohibba $ $ $ 36,000 $ 30,000 6,000 36,000 36,000
32 On January 1, 2020, Belmont Corporation had 50,000 shares of $10 par value common stock issued and outstanding. All 50,000 shares had been issued in a prior period at $15 per share. On February 1, 2020, Belmont purchased 2,000 shares of treasury stock for $18 per share and later sold the treasury shares for $20 per share on March 2, 2020. The entry to record the purchase of the treasury shares on February 1, 2020, is: hote to 2915 A) Cash $ 36,000 Treasury Stock-Common B) Cash 36,000 Treasury Stock-Common Gain on Treasury Stock-Common C) Treasury Stock, Common 30,000 6,000 36,000 D) Treasury Stock, Common 000 Cash E) None of the above Loss on Treasury Stock-Common Cash LA LA $ $ bist isnohibba $ $ $ 36,000 $ 30,000 6,000 36,000 36,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...
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