Use the following information to answer the question below.33 The following transactions involving Lupine Corporation occurredduring the year:lot et cellApr. 1 Purchased 2,000 shares of its own preferred stock for $20,the current market price. This is the first transaction involvingits own stock engaged in by the company.May 3 Sold 400 of the shares purchased on April 1 for $25 pershare.June 5 Retired 600 of the shares purchased on April 1. Theoriginal issue price was $10. The par value of the stock is $5.The entry to record the May 3 transaction isA) Preferred Stock$3,000Additional Paid in Capital, Preferred$3,000Treasury Stock, Preferredvode $ to a 6,000$ to als 6,0000 yns srl 25B) Treasury Stock, PreferredCash$50 6,000C) Cash10,000$obo12 nommeTreasury Stock$8,000Additional Paid in Capital, Treasury Stocks$2,000D) Preferred Stock$Treasury Stock, Preferred12,0002012Additional Paid in Capital, PreferredRetained EarningsE) none of the above3,000$3,000po$2 viues 6,000LA LA$

The entry to record the May 3 transaction is: Particulars Dr. Cr. Cash $10000…

Answered: The entry to record the May 3…

Business

Accounting

The entry to record the May 3 transaction is

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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