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Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price o $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $1100o.

Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price o $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $1100o.

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter15: Shareholders’ Equity: Capital Contributions And Distributions
Section: Chapter Questions
Problem 15E
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View Policies Current Attempt in Progress Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price of $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $11000. Save for Later Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:View Policies Current Attempt in Progress Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price of $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $11000. Save for Later Attempts: 0 of 1 used Submit Answer
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