Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bramble Corp. issued 100000 shares of $10 par common stock for $1320000. A year later Bramble acquired 16500 shares of its own common stock

image text in transcribed

Bramble Corp. issued 100000 shares of $10 par common stock for $1320000. A year later Bramble acquired 16500 shares of its own common stock at $15 per share. Three months later Bramble sold 8200 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8200 treasury shares, Bramble should credit O Treasury Stock for $123000 and Paid-in Capital in Excess of Par for $32800. O Treasury Stock for $82000 and Paid-in Capital from Treasury Stock for $73800. O Treasury Stock for $123000 and Paid-in Capital from Treasury Stock for $32800. O Treasury Stock for $155800.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

22nd Edition

130566616X, 978-1305666160

More Books

Students also viewed these Accounting questions

Question

Was Mr. Thimming a transient guest or a tenant?

Answered: 1 week ago

Question

Did Mr. Bristol have a right to enter the room?

Answered: 1 week ago