Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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On April 1, Crystal Corporation reacquired 1,000 shares of its own $10 par stock for a total of $65,000
cash. On October 15, 300 of the treasury shares were reissued at a price of $70 per share. The journal
entry to record the reissuance of the 300 shares of stock on October 15 includes a:
Credit to Additional Paid-In Capital: Treasury Stock Transactions of $1,500
Credit to Common Stock of $3,000
Credit to Gain on Treasury Stock Transactions of $1,500
Credit to Treasury Stock Reissued of $21,000
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Transcribed Image Text:On April 1, Crystal Corporation reacquired 1,000 shares of its own $10 par stock for a total of $65,000 cash. On October 15, 300 of the treasury shares were reissued at a price of $70 per share. The journal entry to record the reissuance of the 300 shares of stock on October 15 includes a: Credit to Additional Paid-In Capital: Treasury Stock Transactions of $1,500 Credit to Common Stock of $3,000 Credit to Gain on Treasury Stock Transactions of $1,500 Credit to Treasury Stock Reissued of $21,000
On April 1, Crystal Corporation reacquired 1,000 shares of its own $10 par stock for a total of $65,000 cash. On October 15, 300 of the treasury shares were reissued at a price of $70 per share. The journal entry to record the reissuance of the
300 shares of stock on October 15 includes a: Credit to Additional Paid-In Capital: Treasury Stock Transactions of $1,500 Credit to Common Stock of $3,000 Credit to Gain on Treasury Stock Transactions of $1,500 Credit to Treasury Stock
Reissued of $21,000
expand button
Transcribed Image Text:On April 1, Crystal Corporation reacquired 1,000 shares of its own $10 par stock for a total of $65,000 cash. On October 15, 300 of the treasury shares were reissued at a price of $70 per share. The journal entry to record the reissuance of the 300 shares of stock on October 15 includes a: Credit to Additional Paid-In Capital: Treasury Stock Transactions of $1,500 Credit to Common Stock of $3,000 Credit to Gain on Treasury Stock Transactions of $1,500 Credit to Treasury Stock Reissued of $21,000
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