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Loxery Ltd initially issued 300,000 of OMR1 par value common stock for OMR 1,000,000 in 2017. In 2018, the company repurchased 30,000 shares for OMR 120,000. In 2019, 10,000 of the repurchased shares were resold for OMR50,000. In its statement of financial position dated December 31, 2019, Loxery 's treasury stock account shows a balance of: Select one: a. OMR 60,000 b. OMR 70,000 c. OMR 80,000 d. OMR 50,000

Loxery Ltd initially issued 300,000 of OMR1 par value common stock for OMR 1,000,000 in 2017. In 2018, the company repurchased 30,000 shares for OMR 120,000. In 2019, 10,000 of the repurchased shares were resold for OMR50,000. In its statement of financial position dated December 31, 2019, Loxery 's treasury stock account shows a balance of: Select one: a. OMR 60,000 b. OMR 70,000 c. OMR 80,000 d. OMR 50,000

FINANCIAL ACCOUNTING
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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Loxery Ltd initially issued 300,000 of OMR1 par value common stock for OMR 1,000,000 in 2017. In 2018, the company repurchased 30,000 shares for OMR 120,000. In 2019, 10,000 of the repurchased shares were resold for OMR50,000. In its statement of financial position dated December 31, 2019, Loxery 's treasury stock account shows a balance of:

Select one:
a. OMR 60,000
b. OMR 70,000
c. OMR 80,000
d. OMR 50,000
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