In 2023, Ivanhoe Corp. acquired 8500 of its own no par value common shares at $19 per share, to be held in the treasury. In 2024, Ivanhoe sold 6400 of these shares at $24 per share. What accounts and what amounts should Ivanhoe credit in 2024 to record this sale? Treasury Shares $121600 $121600 $121600 Contributed Surplus $32000 Retained Earnings $32000 $32000 Common Shares $121600 $32000

In 2023, Ivanhoe Corp. acquired 8500 of its own no par value common shares at $19 per share, to be held in the treasury. In 2024, Ivanhoe sold 6400 of these shares at $24 per share. What accounts and what amounts should Ivanhoe credit in 2024 to record this sale? Treasury Shares $121600 $121600 $121600 Contributed Surplus $32000 Retained Earnings $32000 $32000 Common Shares $121600 $32000

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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Current Attempt in Progress Sunland Company acquired 22000 shares of its own common stock at $21 per share on February 5, 2020, and sold 11000 of these shares at $28 per share on August 9, 2021. The fair value of Sunland's common stock was $25 per share at December 31, 2020, and $26 per share at December 31, 2021. The cost method is used to record treasury stock transactions. What account(s) should Sunland credit in 2021 to record the sale of 11000 shares? O Treasury Stock for $231000 and Retained Earnings for $77000. O Treasury Stock for $275000 and Retained Earnings for $33000. O Treasury Stock for $308000. O Treasury Stock for $231000 and Paid-in Capital from Treasury Stock for $77000.
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