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Two years ago, Carlisle Industries commenced its business by issuing 250,000 shares of $5 par value stock for $28 per share. During the fourth
Two years ago, Carlisle Industries commenced its business by issuing 250,000 shares of $5 par value stock for $28 per share. During the fourth quarter of the current year, the company repurchased 75,000 shares at $32 per share. Assuming that the par value (legal) method is used and there have been no stock repurchases to date, what account(s) and amount(s) are debited for this buyback transaction? Treasury stock-$375,000; additional paid-in capital C/S-$1,725,000; retained earnings-$300,000 Treasury stock-$2,400,000 Treasury stock-$375,000; additional paid-in capital C/S-$2,025,000 Treasury stock-$2.100,000; additional paid-in capital C/S-$300,000
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