ABC Co. had issued 100,000 shares of $10 par common stock for $1,200,000. ABC acquired 8,000 shares of its own common stock at $15 per share. Three months later ABC sold 4,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 4,000 treasury shares, ABC should credit

Question 13 options:

a)	Treasury Stock for $76,000.

b)	Treasury Stock for $40,000 and Paid-in Capital from Treasury Stock for $36,000.

c)	Treasury Stock $60,000 and Paid-in Capital from Treasury Stock for $16,000.

d)	Treasury Stock $60,000 and Paid-in Capital in Excess of Par for common Stock for $16,000.

ABC Company negotiated the purchase of $5,000 in goods from XYZ, Inc with a note payable in 60 days, 12% interest. The correct journal entry for issuance is:

Question 15 options:

a)	Inventory 5,000 A/P 5,000

b)	Inventory 5,000 Notes Payable 5,000

c)	Inventory 5,000 Discount 100 Notes Payable 5,100