32 On January 1, 2020, Belmont Corporation had 50,000 shares of $10 par value common stock issued and outstanding. All 50,000 shares had been issued in a prior period at $15 per share. On February 1, 2020, Belmont purchased 2,000 shares of treasury stock for $18 per share and later sold the treasury shares for $20 per share on March 2, 2020. The entry to record the purchase of the treasury shares on February 1, 2020, is: hote to 2915 A) Cash $ 36,000 Treasury Stock-Common B) Cash 36,000 Treasury Stock-Common Gain on Treasury Stock-Common C) Treasury Stock, Common 30,000 6,000 36,000 D) Treasury Stock, Common 000 Cash E) None of the above Loss on Treasury Stock-Common Cash LA LA $ $ bist isnohibba $ $ $ 36,000 $ 30,000 6,000 36,000 36,000

32 On January 1, 2020, Belmont Corporation had 50,000 shares of $10 par value common stock issued and outstanding. All 50,000 shares had been issued in a prior period at $15 per share. On February 1, 2020, Belmont purchased 2,000 shares of treasury stock for $18 per share and later sold the treasury shares for $20 per share on March 2, 2020. The entry to record the purchase of the treasury shares on February 1, 2020, is: hote to 2915 A) Cash $ 36,000 Treasury Stock-Common B) Cash 36,000 Treasury Stock-Common Gain on Treasury Stock-Common C) Treasury Stock, Common 30,000 6,000 36,000 D) Treasury Stock, Common 000 Cash E) None of the above Loss on Treasury Stock-Common Cash LA LA $ $ bist isnohibba $ $ $ 36,000 $ 30,000 6,000 36,000 36,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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