Which of the following is TRUE regarding the accounting for Treasury Stock? O Treasury Stock is reported on the Balance Sheet in the Equity section. The purchase of Treasury Stock has no impact on the Income Statement. O Treasury Stock is a Contra Equity account. O The purchase of Treasury Stock decreases the Total Equity balance. O All of the above are true. South Beach Apparel issued 10,000 shares of $1 par value stock for $5 per share. What would be the required General Journal entry to record the issuance of the common stock? Debit Credit A Cash 50,000 Common Stock 50,000 B. Cash 40,000 Common Stock 40,000 C. Cash 50,000 Common Stock 10,000 Paid in Capital in Excess of Par Value 40,000 D. Cash 50,000 Common Stock 40,000 Paid in Capital in Excess of Par Value 10,000 Answer A Answer B Answer Answer D None of the answers are correct