Question
Five years ago, Dunn Trading Co. issued 2,500 ordinary shares. The shares have a 2 parvalue and sold at that time for 12 per share.
Five years ago, Dunn Trading Co. issued 2,500 ordinary shares. The shares have a ₤2 parvalue and sold at that time for ₤12 per share. On January 1, 2015, Dunn Trading Co.Purchased 1,000 of these shares for ₤24 per share. On September 30, 2015, Dunn reissued500 of the shares for ₤28 per share. The journal entry to record the reissuance will includea.
a. A debit to Treasury Shares ₤12,000.
b. A credit to Share Premium—Treasury ₤2,000.
c. A credit to Treasury Shares ₤14,000.
d. A credit to cash ₤14,000
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The Journal entry for reissue of Treasury Shares shall ...
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
IFRS 3rd edition
1118978080, 978-1119153726, 1119153727, 978-1119153702, 978-1118978085
