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Nightingale has $100,000 of cash and has issued 25,000 shares of its $1 common stock. On November 12th Nightingale Inc. purchases 5,000 of its own
Nightingale has $100,000 of cash and has issued 25,000 shares of its $1 common stock. On November 12th Nightingale Inc. purchases 5,000 of its own shares of stock from the market at $7 a share.
Question 8c- Which account would be credited in recording this transaction?
A. Cash
B. Common Stock
C. Treasury Stock
D. Additional Paid in Capital
Question 8d- How much would the account indicated in Question 8c be credited for?
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Farmers Irs Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304134237, 978-1304134233
