Earlier this year, a company purchased 100 shares of its own $1 par value common stock for $10 per share. Today, the company resells 50 shares of this treasury stock for $15 per share. What journal entry should be made to record the resale of the 50 shares today?

Earlier this year, a company purchased 100 shares of its own $1 par value common stock for $10 per share. Today, the company resells 50 shares of this treasury stock for $15 per share. What journal entry should be made to record the resale of the 50 shares today?

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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