A Calculator On January 1, Sunshine Corporation had 38,000 shares of $12 par value common stock issued and outstanding. All 38,000 shares had been issued in a prior period at $22 per share. On February 1, Sunshine purchased 1,140 shares of treasury stock for $29 per share and later sold the treasury shares for $20 per share on March 1. Which of the following would be included in the journal entry to record the purchase of the treasury shares on February 1? Select the correct answer. debit to a loss account for $7,980. debit to Treasury Stock for $33,060. credit to a gain account for $7,980. credit to Treasury Stock for $33,060. 4:19 PM 12/20/2010
A Calculator On January 1, Sunshine Corporation had 38,000 shares of $12 par value common stock issued and outstanding. All 38,000 shares had been issued in a prior period at $22 per share. On February 1, Sunshine purchased 1,140 shares of treasury stock for $29 per share and later sold the treasury shares for $20 per share on March 1. Which of the following would be included in the journal entry to record the purchase of the treasury shares on February 1? Select the correct answer. debit to a loss account for $7,980. debit to Treasury Stock for $33,060. credit to a gain account for $7,980. credit to Treasury Stock for $33,060. 4:19 PM 12/20/2010
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 65E: Treasury Stock Transactions Garrett Inc. had no treasury stock at the beginning of the year. During...
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