Ropers. Inc. purchases 11,000 shares of its previously issued $2 par value common stock for $160 per share.
Which of the following is the correct journal entry record this transaction?

1. Debit common Stock—$2 Par Values 170,000.and cash $l,760,000
2. Debit Treasury Stock—Common $1,760,000, and credit Cash Sq. 160,000.
3. Debit cash $1,738000, and credit Paid-in capital in Excess of par—common $1,738,000
4. Debit Cash $1,738,000. and credit Treasury Stock—Common $1,738.000.

Answer rating: 100% (QA)

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