1. A company purchases 300 shares of treasury stock for $110 per share. It later reissues (sells) 50 of the shares for $114 per share. The entry made when the 50 shares are reissued would include a credit to:

a. Paid-in Capital, Treasury Stock for $200.

b. Retained Earnings for $700.

c. Gain on Sale of Treasury Stock for $200.

d. Treasury Stock for $5,700.

2. A company has 12,000 shares outstanding from 1/1 to 5/31, and 18,000 shares outstanding from 6/1 to 12/31. What is the weighted average number of shares used in earnings per share calculations?

a. 14,500

b. 15,000

c. 15,500

d. 16,000