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Kahn Corporation issued 100,000 shares of $1 par common stock at a price of $10 per share. On June 1, Kahn purchased 2,000 shares of
Kahn Corporation issued 100,000 shares of $1 par common stock at a price of $10 per share. On June 1, Kahn purchased 2,000 shares of its own stock at a cost of $14 per share. On December 1, Kahn resold all the shares for $16 each. The entry on December 1 would include which of these?
Credit to Paid-in Capital from Treasury Stock Transactions, $4,000. |
Credit to Treasury Stock, $32,000. |
Credit to Gain on the Sale of Treasury Stock, $4,000. |
Debit to Cash, $28,000. |
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