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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2c4829ae-4a97-4214-a8e1-4993d74c7963%2F7e07db00-9ef9-45a3-963b-7ea7d438862e%2Fqfg4hhd_processed.png&w=3840&q=75)
Transcribed Image Text: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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning