Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid $22 per share to reacquire 100 shares in Year 3. The journal entry to record the purchase of their own shares in Year 3 would do which of the following? Select one: a. Debit treasury stock $2,200; credit cash $2,200 b. Debit common stock $2,200; credit cash $2,200 c. Debit treasury stock $2,200; credit common stock $2,000; credit gain on purchase $200 d. Debit common stock $2,000; debit loss on purchase $200; credit treasury stock $2.200

Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid $22 per share to reacquire 100 shares in Year 3. The journal entry to record the purchase of their own shares in Year 3 would do which of the following? Select one: a. Debit treasury stock $2,200; credit cash $2,200 b. Debit common stock $2,200; credit cash $2,200 c. Debit treasury stock $2,200; credit common stock $2,000; credit gain on purchase $200 d. Debit common stock $2,000; debit loss on purchase $200; credit treasury stock $2.200

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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