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On April 16, Year 1, Rodriguez Corporation reacquired 12,000 shares of its own $10 par stock for $660,000 cash. On November 4, Year 2, 1,000 of the treasury shares were reissued at a price of $65 per share. The journal entry to record the reissuance of the 1,000 shares of stock on November 4 includes a: Multiple Choice Credit to Additional Paid-in Capital Treasury Stock Transactions of $10,000 Credit to Gain on Treasury Stock Transactions of $10,000 Credit to Common Stock of $10,000 Credit to Treasury Stock Reissued of $65,000

On April 16, Year 1, Rodriguez Corporation reacquired 12,000 shares of its own $10 par stock for $660,000 cash. On November 4, Year 2, 1,000 of the treasury shares were reissued at a price of $65 per share. The journal entry to record the reissuance of the 1,000 shares of stock on November 4 includes a: Multiple Choice Credit to Additional Paid-in Capital Treasury Stock Transactions of $10,000 Credit to Gain on Treasury Stock Transactions of $10,000 Credit to Common Stock of $10,000 Credit to Treasury Stock Reissued of $65,000

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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On April 16, Year 1, Rodriguez Corporation reacquired 12,000 shares of its own $10 par stock for $660,000 cash. On November 4, Year 2, 1,000 of the treasury shares were reissued at a price of $65 per share. The journal entry to record the reissuance of the 1,000 shares of stock on November 4 includes a: Multiple Choice Credit to Additional Paid-In Capital Treasury Stock Transactions of $10,000 Credit to Gain on Treasury Stock Transactions of $10,000 Credit to Common Stock of $10,000 Credit to Treasury Stock Reissued of $65,000
Transcribed Image Text:On April 16, Year 1, Rodriguez Corporation reacquired 12,000 shares of its own $10 par stock for $660,000 cash. On November 4, Year 2, 1,000 of the treasury shares were reissued at a price of $65 per share. The journal entry to record the reissuance of the 1,000 shares of stock on November 4 includes a: Multiple Choice Credit to Additional Paid-In Capital Treasury Stock Transactions of $10,000 Credit to Gain on Treasury Stock Transactions of $10,000 Credit to Common Stock of $10,000 Credit to Treasury Stock Reissued of $65,000
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