Question
On March 4, 2019, Orpheus Inc. purchased 2,100 shares of its own $10 par value common stock in the market for $32 per share. On
On March 4, 2019, Orpheus Inc. purchased 2,100 shares of its own $10 par value common stock in the market for $32 per share. On August 19, 2019, the company sold 1,600 of these shares in the open market at a price of $36 per share.
The entry to record the sale of the treasury stock on August 19, 2019 is:
- Dr.Cash51,200Cr.Treasury Stock51,200
- Dr.Cash57,600Cr.Treasury Stock51,200Cr.Retained Earnings6,400
- Dr.Cash57,600Cr.Treasury Stock51,200Cr.Additional Paid-In Capital6,400
- Dr.Cash57,600Cr.Treasury Stock57,600
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
