Gruber Law Offices paid $ $59,000 to buy back 14,000 shares of its $1 par value common
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Question:
Gruber Law Offices paid $ $59,000 to buy back 14,000 shares of its $1 par value common stock. The stock was sold later at a selling price of $15 per share. The journal entry to record the sale would include a:
a. Credit to Paid-in Capital from Treasury Stock Transactions $59,000
b. Debit to Common Stock 59,000
c. Credit to Paid-in Capital from Treasury Stock Transactions $151,000
d. Credit to Common Stock $151,000
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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