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Land Corporation sold 1,000 shares of treasury stock for $30 per share. The cost for the shares was $20. The entry to record the sale of the treasury stock will include a O credit to Additional Paid-in Capital from Treasury Stock for $20,000 O credit to Treasury Stock for $20,000 O credit to Gain on Sale of Treasury Stock for $10,000 O credit to Cash for $30,000 debit to Additional Paid-in Capital from Treasury Stock for $10,000

Land Corporation sold 1,000 shares of treasury stock for $30 per share. The cost for the shares was $20. The entry to record the sale of the treasury stock will include a O credit to Additional Paid-in Capital from Treasury Stock for $20,000 O credit to Treasury Stock for $20,000 O credit to Gain on Sale of Treasury Stock for $10,000 O credit to Cash for $30,000 debit to Additional Paid-in Capital from Treasury Stock for $10,000

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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Land Corporation sold 1,000 shares of treasury stock for $30 per share. The cost for the shares was $20. The entry to record the sale of the treasury stock will include a O credit to Additional Paid-in Capital from Treasury Stock for $20,000 O credit to Treasury Stock for $20,000 O credit to Gain on Sale of Treasury Stock for $10,000 O credit to Cash for $30,000 debit to Additional Paid-in Capital from Treasury Stock for $10,000
Transcribed Image Text:Land Corporation sold 1,000 shares of treasury stock for $30 per share. The cost for the shares was $20. The entry to record the sale of the treasury stock will include a O credit to Additional Paid-in Capital from Treasury Stock for $20,000 O credit to Treasury Stock for $20,000 O credit to Gain on Sale of Treasury Stock for $10,000 O credit to Cash for $30,000 debit to Additional Paid-in Capital from Treasury Stock for $10,000
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