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In 2021, Daisy, Inc. reacquired 5,000 shares of its common stock as treasury shares at $15 per share. In 2022, Daisy, Inc. sold 2,500 shares of the treasury stock at $25 per share. Which of the following journal entries will Daisy record in 2022? O dr. Cash $75,000; cr. Treasury stock $55,000; cr. PIC-share repurchase $20,000. O None of the options listed. O dr. Treasury stock $75,000; cr. Cash $75,000. O dr. Cash $62,500; cr. Treasury stock $37,500; cr. PIC–share repurchase $25,000. O dr. Treasury stock $62,500; cr. Cash $62,500.

In 2021, Daisy, Inc. reacquired 5,000 shares of its common stock as treasury shares at $15 per share. In 2022, Daisy, Inc. sold 2,500 shares of the treasury stock at $25 per share. Which of the following journal entries will Daisy record in 2022? O dr. Cash $75,000; cr. Treasury stock $55,000; cr. PIC-share repurchase $20,000. O None of the options listed. O dr. Treasury stock $75,000; cr. Cash $75,000. O dr. Cash $62,500; cr. Treasury stock $37,500; cr. PIC–share repurchase $25,000. O dr. Treasury stock $62,500; cr. Cash $62,500.

FINANCIAL ACCOUNTING
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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Question 7 In 2021, Daisy, Inc. reacquired 5,000 shares of its common stock as treasury shares at $15 per share. In 2022, Daisy, Inc. sold 2,500 shares of the treasury stock at $25 per share. Which of the following journal entries will Daisy record in 2022? dr. Cash $75,000; cr. Treasury stock $55,000; cr. PIC-share repurchase $20,000. O None of the options listed. O dr. Treasury stock $75,000; cr. Cash $75,000. O dr. Cash $62,500; cr. Treasury stock $37,500; cr. PIC-share repurchase $25,000. dr. Treasury stock $62,500; cr. Cash $62,500.
Transcribed Image Text:Question 7 In 2021, Daisy, Inc. reacquired 5,000 shares of its common stock as treasury shares at $15 per share. In 2022, Daisy, Inc. sold 2,500 shares of the treasury stock at $25 per share. Which of the following journal entries will Daisy record in 2022? dr. Cash $75,000; cr. Treasury stock $55,000; cr. PIC-share repurchase $20,000. O None of the options listed. O dr. Treasury stock $75,000; cr. Cash $75,000. O dr. Cash $62,500; cr. Treasury stock $37,500; cr. PIC-share repurchase $25,000. dr. Treasury stock $62,500; cr. Cash $62,500.
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