ABC Company paid $60,000 to buy back 12,000 shares of its $1 par value ordinary shares. These
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Question:
ABC Company paid $60,000 to buy back 12,000 shares of its $1 par value ordinary shares. These shares were sold later at a selling price of $7 per share. The entry to record the sale includes a
a. credit to Share Premium–Treasury for $24,000.
b. credit to Retained Earnings for $24,000.
c. debit to Share Premium–Treasury for $60,000.
d. debit to Retained Earnings for $60,000.
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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