On December 2, Coley Corp. acquired 1,400 shares of its $5 par value common stock for $20 each. On December 20, Coley Corp. resold 1,000 shares for $14 each. Which of the following is correct regarding the journal entry for the resol- Multiple Choice Credit Additional Paid-in Capital $9,000 Credit Treasury Stock $14,000

On December 2, Coley Corp. acquired 1,400 shares of its $5 par value common stock for $20 each. On December 20, Coley Corp. resold 1,000 shares for $14 each. Which of the following is correct regarding the journal entry for the resol- Multiple Choice Credit Additional Paid-in Capital $9,000 Credit Treasury Stock $14,000

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 January 1, Vermont Corporation had 46,700 shares of $10 par value common stock issued and outstanding. All 46,700 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 990 shares of treasury stock for $28 per share and later sold the treasury shares for $20 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a O debit to Treasury Stock for $27,720. O credit to a gain account for $5,940. O credit to Treasury Stock for $27,720. O debit to a loss account for $5,940.
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