Question
If Sophie Co purchases 1,000 of its $1 par value common stock and the current market price is $100 per share, which of the following
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If Sophie Co purchases 1,000 of its $1 par value common stock and the current market price is $100 per share, which of the following is part of the correct journal entry to record this transaction?
DEBIT to Treasury Stock of $100,000
DEBIT to Common Stock of $1,000
DEBIT to Additional Paid-in Capital of $99,000
DEBIT to Retained Earnings of $99,000
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Financial Accounting
Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin
7th Canadian Edition
0135433061, 9780135433065
