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Using the following information, the journal entry to record the January 1, 2016 transaction will be: January 1, 2016: Atlantic Corporation reacquires 2,000 shares of
- Using the following information, the journal entry to record the January 1, 2016 transaction will be:
January 1, 2016:
Atlantic Corporation reacquires 2,000 shares of its $20 par common stock for $88 per share.
March 5, 2016:
Atlantic reissues 1,000 of the above mentioned shares for $100 per share.
A. Treasury Stock
176,000
Cash
176,000
B. Cash
176,000
Treasury Stock
176,000
C. Treasury Stock
40,000
Paid-in Capital, Treasury Stock
136,000
Cash
176,000
D. Investment in Treasury Stock
176,000
Cash
176,000
| January 1, 2016: | Atlantic Corporation reacquires 2,000 shares of its $20 par common stock for $88 per share. |
| March 5, 2016: | Atlantic reissues 1,000 of the above mentioned shares for $100 per share. |
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| B. |
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