Question
Pollyanna & Partners reacquired 20,000 shares of its common stock for $10 per share. What is the journal entry needed to record this transaction? A.
Pollyanna & Partners reacquired 20,000 shares of its common stock for $10 per share. What is the journal entry needed to record this transaction?
A. No entry required.
B. Treasury Stock 200,000 Cash 200,000
C. Cash 200,000 Treasury Stock 200,000
D. Cash 10,000 Addl. Paid-in-Capital 10,000
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
3rd Edition
0131494910, 9780131494916
