Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price o $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $1100o.

Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price o $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $1100o.

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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