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Refer to the information presented above for Bernie's Deli, Inc. Suppose that Bernie reissued 1,000 shares of its treasury stock on June 1, 2010, for

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Refer to the information presented above for Bernie's Deli, Inc. Suppose that Bernie reissued 1,000 shares of its treasury stock on June 1, 2010, for $39 each. Which of the following is true regarding the entry required to record this transaction? A debit to treasury stock is required for $50,000. A credit to treasury stock is required for $39,000. A debit to retained earnings is required for $11,000. A debit to Additional Paid-in Capital, Treasury Stock is required for $3,000. The stockholders' equity section of the December 31, 2009, balance sheet for Bernie's Deli appeared as follows. Common Stock, $30 par, 20,000 $ 600,000 shares issued and outstanding Additional Paid-in Capital -- 240,000 Common Stock Retained Earnings 700.000 Total Stockholders' Equity $1,540,000 Assume that all of the 20,000 shares of Bernie's stock that was issued as of December 31, 2009, was issued for $42 per share. On March 1, 2010, Bernie reacquired 4,000 shares of its common stock for $50 per share

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