Porter Corporation holds 10,000 shares of its $10 par common stock as treasury stock, which was purchased
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- Porter Corporation holds 10,000 shares of its $10 par common stock as treasury stock, which was purchased in 2013 at a cost of $140,000. On December 10, 2014, Porter sold all 10,000 shares for $260,000. Assuming that Porter used the cost method of accounting for treasury stock, this sale would result in a credit to:
- Paid-In Capital from Treasury Stock of $110,000.
- Retained Earnings of $120,000.
- Paid-In Capital from Treasury Stock of $120,000.
- Gain on Sale of Treasury Stock of $120,000.
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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