Q9

Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. Flexsteel acquired 1,000 shares of its $1 par value stock for $44 per share on April 4, 2019 and held these shares in treasury. On March 1, 2020, the company resold all the treasury shares for $40 per share. Which of the following entries would be recorded when Flexsteel resells the shares of treasury stock? Multiple Choice Cash 40,000 Additional paid-in capital 4,000 Common Stock 44,000 40,000 Clash 1,000 aommon Stock 39,000 Additional paid-in capital 40.000 Cash 4,000 Additional paid-in capital