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Ronin Corp. (formerly Hawkeye Corp) issues 200,000 shares of stock with a par value of $0.01 for $150 per share. Three years later, it repurchases
Ronin Corp. (formerly Hawkeye Corp) issues 200,000 shares of stock with a par value of $0.01 for $150 per share. Three years later, it repurchases these shares for $80 per share. Ronin Corp. records the repurchase in which of the following ways? Multiple Choice Debit Treasury Stock for $16 million and credit Cash for $16 million. Debit Stockholders' Equity for $30 million, credit Additional Paid-in Capital for $16 million and credit Cash for $16 million. Debit Common Stock for $2,000, debit Additional Paid-in Capital for $29,998,000 and credit Cash for $30 million. O Debit Common Stock for $2,000, debit Additional Paid-in Capital for $15,998,000 and credit Cash for $16 million
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