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Assume a company with an authorization of 20,000 shares of $25 par common stock and issuance of 20,000 shares had reacquired 1,000 shares of their
Assume a company with an authorization of 20,000 shares of $25 par common stock and issuance of 20,000 shares had reacquired 1,000 shares of their own common stock at $45 per share. Indicate the accounts that should be recorded in the Description column of the Journal item (1)and (2) as the account to be debited for the $12,000 if it reissues 200 shares of the treasury stock at $60 per share.
A, Paid-In Capital from Sale of Treasury Stock | |
B. Treasury Stock | |
C. Cash | |
D. Common Stock |
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