Use the following information to answer the questions 34 and 35.On January 1, 2020, Falcon Corporation had 40,000 shares of $10par value common stock issued and outstanding. All 40,000 shareshad been issued in a prior period at $17 per share. OnFebruary 1, 2020, Falcon purchased 3,100 shares of treasury stockfor $19 per share and later sold the treasury shares for $26 pershare on March 2, 2020.34 What amount of gain due to these treasury stock transactionsshould be reported on the income statement for the year endedDecember 31, 2020?A)$21,700B)$3,100C)$2,170D)None of the above35 The entry to record the sale of the treasury shares onMarch 2, 2020 isA) Cash$26,000Common StockRetained Earnings$24,000$Jigs 2,000Treasury Stock, Common$26,000Treasury Stock, CommonGain on Treasury Stock, Common$Treasury Stock, CommonPaid-in Capital, Treasury StockB) CashC) CashD) CashE) None of the aboveRetained Earningsbome6,000$$$$$$$· LA(8)19,0007,00026,00019,0007,00019,0007,000

ormation to answer the questions 34 and 35. con Corporation had 40,000 shares of $10 k issued and outstanding. All 40,000 shares or period at $17 per share. On purchased 3,100 shares of treasury stock ater sold the treasury shares for $26 per e to these treasury stock transactions the income statement for the year ended sale of the treasury shares on $ 26,000 mmon Stock tained Earnings $ 24,000 bome $ indiqs 2,000 easury Stock, Common boats $ 26,000 easury Stock, Common n on Treasury Stock, Common 26,000 asury Stock, Common d-in Capital, Treasury Stock $ LA LA 19,000 7,000 26,000 19,000 7,000 $ 19,000 $ 7,000 $ LA $ $ LA LA

ormation to answer the questions 34 and 35. con Corporation had 40,000 shares of $10 k issued and outstanding. All 40,000 shares or period at $17 per share. On purchased 3,100 shares of treasury stock ater sold the treasury shares for $26 per e to these treasury stock transactions the income statement for the year ended sale of the treasury shares on $ 26,000 mmon Stock tained Earnings $ 24,000 bome $ indiqs 2,000 easury Stock, Common boats $ 26,000 easury Stock, Common n on Treasury Stock, Common 26,000 asury Stock, Common d-in Capital, Treasury Stock $ LA LA 19,000 7,000 26,000 19,000 7,000 $ 19,000 $ 7,000 $ LA $ $ LA LA

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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