Common Stock:Shares Issued 150,000 Common Stock Par Value $15.00 Stock-buy back price (cost) $40.00 Number of shares purchased 20,000 Common Stock $2,250,000 APIC-Common Stock $100,000 Resale Price $45.00 Number of shares resold 8,000 "Which of the following is true about the entry to record the RESALE of the Treasury Stock? Select only Correct answers, incorrect answers are penalized." "Credit Gain on sale of treasury stock for $40,000." "Debit Cash for $360,000." "Credit Treasury Stock for $320,000." "Credit PIC, Treasury Stock for $40,000." "Credit Treasury Stock for $360,000." "Debit PIC, Treasury Stock $40,000." "Credit Cash for $360,000." "Credit Common Stock for $320,000." "Debit Common Stock for $120,000."
Common Stock:Shares Issued 150,000 Common Stock Par Value $15.00 Stock-buy back price (cost) $40.00 Number of shares purchased 20,000 Common Stock $2,250,000 APIC-Common Stock $100,000 Resale Price $45.00 Number of shares resold 8,000 "Which of the following is true about the entry to record the RESALE of the Treasury Stock? Select only Correct answers, incorrect answers are penalized." "Credit Gain on sale of treasury stock for $40,000." "Debit Cash for $360,000." "Credit Treasury Stock for $320,000." "Credit PIC, Treasury Stock for $40,000." "Credit Treasury Stock for $360,000." "Debit PIC, Treasury Stock $40,000." "Credit Cash for $360,000." "Credit Common Stock for $320,000." "Debit Common Stock for $120,000."
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 5MCQ
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