Sheridan Roofing Company originally issued 7800 shares of $10 par value common stock for $234000 ($30 per share). Sheridan subsequently purchases 780 shares of treasury stock for $25 per share and resells the 780 shares of treasury stock for $30 per share. In the entry to record the sale of the treasury stock, there wil be a O credit to Common Stock for $19300. Ⓒdebit to Paid-in Capital in Excess of Par of $23400. O credit to Treasury Stock for $7800. O credit to Paid-in Capital from Treasury Stock for $3900.
Sheridan Roofing Company originally issued 7800 shares of $10 par value common stock for $234000 ($30 per share). Sheridan subsequently purchases 780 shares of treasury stock for $25 per share and resells the 780 shares of treasury stock for $30 per share. In the entry to record the sale of the treasury stock, there wil be a O credit to Common Stock for $19300. Ⓒdebit to Paid-in Capital in Excess of Par of $23400. O credit to Treasury Stock for $7800. O credit to Paid-in Capital from Treasury Stock for $3900.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheridan Roofing Company originally issued 7800 shares of $10 par value common stock for $234000 ($30 per share).
Sheridan subsequently purchases 780 shares of treasury stock for $25 per share and resells the 780 shares of treasury
stock for $30 per share.
In the entry to record the sale of the treasury stock, there will be a
O credit to Common Stock for $19300.
Ⓒ debit to Paid-in Capital in Excess of Par of $23400.
O credit to Treasury Stock for $7800.
O credit to Paid-in Capital from Treasury Stock for $3900.
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