Question
On December 2, Coley Corporation acquired 2,000 shares of its $4 par value common stock for $21 each. On December 20, Coley Corporation resold 1,600
On December 2, Coley Corporation acquired 2,000 shares of its $4 par value common stock for $21 each.
On December 20, Coley Corporation resold 1,600 shares for $13 each. Which of the following is correct regarding the journal entry for the resold shares?
a) Credit Treasury Stock $33,600
b) Debit Cash $26,000
c) Credit Additional Paid-in Capital $14400
d) Credit Treasury Stock $20,800
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
14th edition
978-1259284861, 1259284867, 77862392, 978-0077862398
