Sheffield Company origfnally issued 5400 shares of $10 par value common stock for $162000 ($30 per share). Sheffield subsequently purchases 530 shares of treasury stock for $26 per share and resells the 530 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a O credit to Paid-In Capital from Treasury Stock for $2650. O debit to Paid-In Capital in Excess of Par of $15900. O credit to Common Stock for $13780. O credit to Treasury Stock for $5300.

Sheffield Company origfnally issued 5400 shares of $10 par value common stock for $162000 ($30 per share). Sheffield subsequently purchases 530 shares of treasury stock for $26 per share and resells the 530 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a O credit to Paid-In Capital from Treasury Stock for $2650. O debit to Paid-In Capital in Excess of Par of $15900. O credit to Common Stock for $13780. O credit to Treasury Stock for $5300.

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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