Sheridan Company acquired 21400 shares of its common stock at $18 per share on February 5, 2025, and sold 10700 of these shares at $25 per share on August 9, 2026. The fair value of Sheridan's common stock was $22 per share at December 31, 2025, and $23 per share at December 31, 2026. The cost method is used to record treasury stock transactions. What account(s) should Sheridan credit i 2026 to record the sale of 10700 shares? O Treasury Stock for $192600 and Paid-in Capital from Treasury Stock for $74900. O Treasury Stock for $235400 and Retained Earnings for $32100. O Treasury Stock for $192600 and Retained Earnings for $74900. O Treasury Stock for $267500.
Sheridan Company acquired 21400 shares of its common stock at $18 per share on February 5, 2025, and sold 10700 of these shares at $25 per share on August 9, 2026. The fair value of Sheridan's common stock was $22 per share at December 31, 2025, and $23 per share at December 31, 2026. The cost method is used to record treasury stock transactions. What account(s) should Sheridan credit i 2026 to record the sale of 10700 shares? O Treasury Stock for $192600 and Paid-in Capital from Treasury Stock for $74900. O Treasury Stock for $235400 and Retained Earnings for $32100. O Treasury Stock for $192600 and Retained Earnings for $74900. O Treasury Stock for $267500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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