On May 1, Laney Company purchases 4,000 shares of its own $1 par value stock for $24,000. On October 1, the company reissues 1,000 of these shares when the market price is $7. Which statement is correct regarding this reissuance? Group of answer choices cash will be credited for $7,000 treasury stock will be debited $6,000 cash will be debited for $6,000

On May 1, Laney Company purchases 4,000 shares of its own $1 par value stock for $24,000. On October 1, the company reissues 1,000 of these shares when the market price is $7. Which statement is correct regarding this reissuance? Group of answer choices cash will be credited for $7,000 treasury stock will be debited $6,000 cash will be debited for $6,000

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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