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Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. Which of the following is recorded at the time of the purchase? a. Debit Treasury Stock for $32,000. b. Debit Common Stock for $30,000. c. Debit Common Stock for $32,000. d. Debit Treasury Stock for $2,000.

Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The company then resells 400 of these shares for $20 per share. Which of the following is recorded at the time of the resale? a. Credit Common Stock for $400. b. Credit Treasury Stock for $8,000. c. Credit Common Stock for $8,000. d. Credit Additional Paid-In Capital for $1,600.

If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited for $6,600. b.Common Stock will be credited for $24,200. c.Paid-In Capital in Excess of Par will be credited for $17,600. d.Paid-In Capital in Excess of Par will be credited for $6,600.

19. A company acquires 1,000 shares of its own $1 par common stock for $15 per share. This purchase would be recorded with a: A. B. C. D. Credit to Treasury Stock for $1,000 Debit to Additional Paid-In Capital for $14,000 Credit to Treasury Stock for $15,000 Debit to Treasury Stock for $15,000

A company issues  1 million shares of common stock with a par value of $0.18 for $16.60 a share. The entry to record this transaction includes a debit to Cash for: Multiple Choice   $16,600,000, a credit to Common Stock for $180,000, and a credit to Additional Paid-in Capital for $16,420,000.   $16,600,000 and a credit to Common Stock for $16,600,000.   $180,000, a debit to Capital Receivable for $16,420,000, a credit to Common Stock for $180,000, and a credit to Additional Paid-in Capital for $16,420,000.   $180,000 and a credit to Common Stock for $180,000.

If Dakota Company issues 3,200 shares of $10 par common stock for $57,600, Oa. Cash will be debited for $32,000. Ob. Paid-in Capital in excess of Par Value will be credited for $32,000. Oc. Common Stock will be credited for $57,600. Od. Paid-in Capital in excess of Par Value will be credited for $25,600.

Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the sale will include a O credit to Treasury Stock for $21450. O credit to Paid-in Capital from Treasury Stock for $3900. O debit to Paid-in Capital in Excess of Par for $3900. O credit to Gain on Sale of Treasury Stock for $17550.

The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of? Select the correct answer. -Preferred Stock for $509,600 and Retained Earnings for $137,200. -Paid-in Capital from Preferred Stock for $646,800. -Preferred Stock for $646,800. -Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.

If Dakota Company issues 2,900 shares of $9 par common stock for $55,100, a. Common Stock will be credited for $55,100. b. Cash will be debited for $26,100. c. Paid-In Capital in Excess of Par will be credited for $29,000. d. Paid-In Capital in Excess of Par will be credited for $26,100.

If Kiner Company issues 1,000 shares of P5 par value common stock for P70,000, the асcount O Common Stock will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P70,000. Cash will be debited for P65,000.

A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share. The entry to record this transaction would include: Multiple Choice A credit to Common Stock for $95,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $104,500. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $199,500. A credit to Common Stock for $104,500. A debit to Cash for $95,000. O

A corporation sold 13,500 shares of its $10 par value common stock at a cash price of $14 per share. The entry to record this transaction would include: Multiple Choice A credit to Paid-in Capitam Excess of Par Value, Common Stock for $324,000. A credit to Common Stock for $189,000. A debit to Cash for $135,00.

On May 1, Laney Company purchases 4,000 shares of its own $1 par value stock for $24,000. Which statement is correct? Group of answer choices cash will be debited for $4,000   Additional paid-in capital (APIC) –treasury stock will be credited for $20,000   cash will be credited for $20,000   treasury stock will be debited for $24,000

Treasury Stock A company purchases 2,500 shares of treasury stock for $5 per share. Required: What is the appropriate journal entry to record the transaction?     (Record purchase of treasury shares)

The Snow Corporation issues 9,900 shares of $54 par value preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $613,800. What credit or credits will the entry consist of? Select the correct answer. Preferred Stock for $534,600 and Retained Earnings for $79,200. Preferred Stock for $613,800. Paid-in Capital from Preferred Stock for $613,800. Preferred stock for $534,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $79,200.

Alma Corp. issues 1,000 shares of $10 par common stock at $14 per share. When the transaction is recorded, credits are made to a.Common Stock, $14,000 b.Common Stock, $4,000, and Paid-In Capital in Excess of Stated Value, $10,000 c.Common Stock, $10,000, and Retained Earnings, $4,000 d.Common Stock, $10,000, and Paid-In Capital in Excess of Par—Common Stock, $4,000

WW Corp. resells 500 shares of its own common stock for $22 per share. WW had acquired these shares two months before for $25 per share.  The resale of this stock would be recorded with a:   Select one: a. Debit to Cash for $12,500 b. Credit to Additional Paid-In Capital for $1,500 c. Debit to Common Stock for $12,500 d. Debit to Additional Paid-In Capital for $1,800 e. Credit to Treasury Stock for $12,500

Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The journal entry to record this will include a: debit to Common Stock of $10,000   debit to Cash for $10,000   credit to Additional Paid-in Capital in excess of par (APIC) of $10,000   credit to Additional Paid-in Capital in excess of par (APIC) of $15,000

Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 par value common stock at $27 per share? Cash would be debited for $28,000. Common stock would be debited for $28,000. Common stock would be credited for $189,000. Paid in capital in excess of par-common would be credited for $161,000.

Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid $22 per share to reacquire 100 shares in Year 3. The journal entry to record the purchase of their own shares in Year 3 would do which of the following? Select one: a. Debit treasury stock $2,200; credit cash $2,200 b. Debit common stock $2,200; credit cash $2,200 c. Debit treasury stock $2,200; credit common stock $2,000; credit gain on purchase $200 d. Debit common stock $2,000; debit loss on purchase $200; credit treasury stock $2,200

On October 1, 2021, 500 shares of treasury stock were purchased at $40 per share. On January 15, 2022, those shares were resold to outsiders for $46 per share. The resulting journal entry on January 15th would include: Multiple Choice a credit to Gain on Sale of Stock for $3,000. a credit to Paid-in capital-excess of par for $3,000. a credit to Treasury Stock for $23,000. a credit to Cash for $23,000.

WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares two months before for $16 per share.  The resale of this stock would be recorded with a: Select one: a. Debit to Common Stock for $8,000 b. Credit to Additional Paid-In Capital for $1,600 c. Debit to Additional Paid-In Capital for $2,000 d. Credit to Treasury Stock for $8,000 e. Credit to Additional Paid-In Capital for $2,000

WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares two months before for $14 per share.  The resale of this stock would be recorded with a:   Select one: a. Debit to Common Stock for $8,000 b. Credit to Additional Paid-In Capital for $800 c. Credit to Treasury Stock for $8,000 d. Credit to Additional Paid-In Capital for $2,400 e. Credit to Additional Paid-In Capital for $2,000

The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $620,000 and a credit or credits to a. Preferred Stock for $620,000. Ob. Preferred stock for $500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $120,000. Oc. Preferred Stock for $500,000 and Retained Earnings for $120,000. Od. Paid-in Capital from Preferred Stock for $620,000.

A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.

XYZ, Inc. sells 100 shares of  treasury shares at $10 per share. If the cost of acquiring the shares was $13 per share  the entry for the sale should include credits to: Select one: a. Treasury Shares  $1,000 and shares premium- treasury 300 b. Treasury Shares  $1,300 c. Treasury Shares  $1,000  d. Treasury Shares  $300 and shares premium - treasury 1000

Taylor Corporation issues 20,000 shares of $50 par value preferred stock for cash at $90 per share. The entry to record the transaction will consist of a debit to Cash for $1,800,000 and a credit or credits to a. Paid-in Capital from Preferred Stock for $1,800,000. O b. Preferred Stock for $1,800,000. O c. Preferred Stock for $800,000 and Paid-in Capital from Preferred Stock for $1,000,000. O d. Preferred Stock for $1,000,000 and Paid-in Capital in Excess of Par-Preferred Stock for $800,000.

Entity H issued 9,000 shares of its $1 par value common stock for $20 per share.  Which of the following statements is correct?  Hint: Make the journal entry first.   Common stock should be credited for $180,000.   Cash should be credited for $180,000.   Paid-in-capital-in-excess-of-par-value should be debited for $171,000.   Common stock should be credited for $9,000.

Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.

When a company issues 27,000 shares of $5 par value common stock for $50 per share, the journal entry for this issuance would include:   Multiple Choice   A credit to Common Stock for $1,350,000.   A credit to Additional Paid-in Capital for $1,215,000.   A debit to Additional Paid-in Capital for $135,000.   A debit to Cash for $135,000.