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Shortwave Corp. issued 300,000 shares of $0.01 par common stock for in 2016 for $3,600,000. During 2019, Shortwave paid $15 per share to repurchase 25,000
Shortwave Corp. issued 300,000 shares of $0.01 par common stock for in 2016 for $3,600,000. During 2019, Shortwave paid $15 per share to repurchase 25,000 shares of its own common stock. Three months later Shortwave resold all 25,000 shares at $19 per share. Prior to these transactions there was no balance in the APIC - Treasury Stock account. Shortwave uses the cost method to record treasury stock transactions. To record the resale of the 25,000 treasury shares, Shortwave should credit
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