Llewelyn Company purchased 1,800 shares of its own $6 par value common stock when the market price of the stock was $21 per share. Which of the following journal entries would be used to record6.the purchase of treasury stock?Multiple ChoiceTreasury stockPaid-in capital in excess of par - Common10,80010,800Treasury stock37,800Cash37,800Treasury stock37,800Common stock10,800Paid-in capital in excess of par - Common27,000Cash37,800Treasury stock10,800Paid-in capital in excess of parCommon27,000

Buyback of own shares: Sometimes company repurchases its own stock shares from the market to improve…

Answered: Llewelyn Company purchased 1,800 shares…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price of the stock was $34 per share. Which of the following journal entries would be used to record the purchase of treasury stock?
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