Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 7 ) Dustin Corporation reported the following: Common Stock, $ 1 par, 2 0 0 , 0 0 0 shares authorized, 1 9 9

17) Dustin Corporation reported the following:
Common Stock, $1 par, 200,000 shares authorized, 199,000 shares issued $199,000
Paid in Capital in Excess of ParCommon 21,000
Retained Earnings 207,000
Which of the following is included in the entry to record the corporation's purchase of 11,000 shares of its common stock for $7 per share?
A) Treasury StockCommon is credited for $66,000.
B) Paid-In Capital from Treasury Stock Transactions is credited for $66,000.
C) Cash is credited for $77,000.
D) Common Stock$1 Par Value is credited for $77,000.
E) none of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Water Audits And Loss Control Programs

Authors: American Water Works Association

4th Edition

1625761007, 978-1625761002

More Books

Students also viewed these Accounting questions

Question

:onomics Te ld it wants to introl is calle ceiling;

Answered: 1 week ago

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

Define line and staff authority

Answered: 1 week ago

Question

Define the process of communication

Answered: 1 week ago

Question

Explain the importance of effective communication

Answered: 1 week ago