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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

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:ta
A)
Cash
36,000
Treasury Stock-Common
B) Cash
36,000
Treasury Stock-Common
Gain on Treasury Stock-Common
C) Treasury Stock, Common
D) Treasury Stock, Common
Cash
E) None of the above
78.0
Loss on Treasury Stock-Common
000 Cash
$
$
boj
Istiqs nl-b
$
30,000
6,000
$
36,000
36,000
$
30,000
6,000
36,000
36,000

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