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The Georgia Corp was formed on January 2, 2018. The company sold 10,000 shares of $8 par value stock for $20 per share. On July
The Georgia Corp was formed on January 2, 2018. The company sold 10,000 shares of $8 par value stock for $20 per share. On July 1, 2018, Georgia bought back 1,000 shares of stock for $25 per share. All of the treasury stock was resold on September 1, 2018 for $32 per share. Which one of the following is the correct entry to record when Georgia Corp acquires its shares to hold as treasury stock? DR Investment 25,000 CR Cash 25,000 DR Treasury stock CR Cash DR Common Stock CR Cash DR Common stock DR Retained earnings CR Cash O 25,000 25,000 8,000 17,000 25,000 25,000 25,000
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