34A company has 150,000 shares of $1 par value common stock outstanding on December 31. The stock was sold at a price of $10 per share. On January 1, the company decides to repurchase 5,000 shares at$12 per share. The company uses the cost method of recording treasury stock.Which journal entry should be used to record the repurchase?O Debit Paid-in Capital from Treasury Stock for $60,000; Credit Cash for $60,000O Debit Cash for $60,000; Credit Treasury Stock for $50,000; Credit Paid-in Capital from Treasury Stock for $10,000O Debit Common Stock for $5,000; Debit Paid-in Capital from Treasury Stock for $55,000; Credit Treasury Stock for $60,000Debit Treasury Stock for $60,000; Credit Cash for $60,000

Treasury Stock: This is a contra-equity account used to account for the cost of shares repurchased…

Answered: 34 A company has 150,000 shares of $1…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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