The journal entry to record the purchase of the treasury shares on February 1 would include a
The journal entry to record the purchase of the treasury shares on February 1 would include a
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3RE
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On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, Vermont purchased 3,750 shares of
The
a.debit to Treasury Stock for $90,000
b.credit to Treasury Stock for $90,000
c.credit to a gain account for $112,500
d.debit to a loss account for $112,500
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