On September 1, 2020, Coronado Industrids reacquired 29200 shares of its $10 par value common stock for $15 per share. Coronado uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit O Treasury Stock for $43800O. O Common Stock for $292000. O Common Stock for $292000 and Paid-in Capital in Excess of Par for $146000. O Treasury Stock for $292000.
On September 1, 2020, Coronado Industrids reacquired 29200 shares of its $10 par value common stock for $15 per share. Coronado uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit O Treasury Stock for $43800O. O Common Stock for $292000. O Common Stock for $292000 and Paid-in Capital in Excess of Par for $146000. O Treasury Stock for $292000.
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 42BE: Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common...
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Question 12 of 17
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On September 1, 2020, Coronado Industris reacquired 29200 shares of its $10 par value common stock for $15 per share.
Coronado uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit
O Treasury Stock for $438000.
O Common Stock for $292000.
O Common Stock for $292000 and Paid-in Capital in Excess of Par for $146000.
O Treasury Stock for $29200O.
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Question 12 of 17
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On September 1, 2020, Coronado Industris reacquired 29200 shares of its $10 par value common stock for $15 per share.
Coronado uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit
O Treasury Stock for $438000.
O Common Stock for $292000.
O Common Stock for $292000 and Paid-in Capital in Excess of Par for $146000.
O Treasury Stock for $29200O.
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