1.Stock that has been issued but may or may not be held by stockholders is ________.

	1.	capital stock
	2.	treasury stock
	3.	authorized stock
	4.	issued stock

2. Questions #2 through #4 are based upon the following the question.

On January 1, 2024, XYZ Corp. repurchased 300 shares of its previously issued $2 par value common stock at $5 each. On March 15, 2024, XYZ Corp sold 50 shares of the stock purchased on January 1, 2024 at $6 each. On March 31, 2024 XYZ Corp. sold the remainder of the shares purchased on 1/1/2024 at $4 each.

Which of the following is true about the January 1, 2024 transaction?

	1.	Retained earning is debited for $50
	2.	Common stock is credited for $600
	3.	Treasury stock is debited for $1,500
	4.	Treasury stock is credited for $1,500

3.Questions #2 through #4are based upon the following the question.

On January 1, 2024, XYZ Corp. repurchased 300 shares of its previously issued $2 par value common stock at $5 each. On March 15, 2024, XYZ Corp sold 50 shares of the stock purchased on January 1, 2024 at $6 each. On March 31, 2024 XYZ Corp. sold the remainder of the shares purchased on 1/1/2024 at $4 each.

Which of the following is true about the March 15, 2024 transaction?

	1.	Additional paid in capital is debited for $50
	2.	Cash credited for $100
	3.	Treasury stock credited for $250
	4.	Cash credited for $300

4.Questions #2 through #4 are based upon the following the question.

On January 1, 2024, XYZ Corp. repurchased 300 shares of its previously issued $2 par value common stock at $5 each. On March 15, 2024, XYZ Corp sold 50 shares of the stock purchased on January 1, 2024 at $6 each. On March 31, 2024 XYZ Corp. sold the remainder of the shares purchased on 1/1/2024 at $4 each.

Which of the following is true about the March 31, 2024 transaction?

	1.	Cash is debited for $1,250
	2.	Retained earning debited for $200
	3.	Additional paid in capital credited for $50
	4.	Treasury stock debited for $1,250