Question
ABC Company paid $60,000 to buy back 12,000 shares of its $1 par value ordinary shares. These shares were sold later at a selling price
ABC Company paid $60,000 to buy back 12,000 shares of its $1 par value ordinary shares. These shares were sold later at a selling price of $7 per share. The entry to record the sale includes a
a. credit to Share Premium–Treasury for $24,000.
b. credit to Retained Earnings for $24,000.
c. debit to Share Premium–Treasury for $60,000.
d. debit to Retained Earnings for $60,000.
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jares 60000 y shares 12000 easury share 7 Cost of treasury shares 60000 Numbe...
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
