Question
50) ABC Company paid 60,000 to buy back 12,000 shares of its 1 par value ordinary shares. These shares were resold later at a selling
50) ABC Company paid 60,000 to buy back 12,000 shares of its 1 par value ordinary
shares. These shares were resold later at a selling price of 7 per share. The journal entry to record the sale of these treasury shares includes:
A) a credit to Retained Earnings for 24,000
B) a credit to Share Premium-Treasury for 24,000
C) a debit to Retained Earnings for 60,000
D) a debit to Share Premium-Treasury for 60,000
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International Accounting
Authors: Frederick D. Choi, Gary K. Meek
7th Edition
978-0136111474, 0136111475
