Purple Company has Common Stock with 100,000 shares authorized and 25,000 shares issued. Purple Company pays...

 

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Purple Company has Common Stock with 100,000 shares authorized and 25,000 shares issued. Purple Company pays $35,000 to buy back 5,000 shares of its $1 par value Common Stock. The journal entry to record this purchase would include a: 4 pts O debit to Treasury Stock for $35,000 credit to Paid-in Capital from Treasury Stock Transactions for $30,000 O credit to Common Stock for $5,000 O credit to Common Stock for $5,000 Purple Company has Common Stock with 100,000 shares authorized and 25,000 shares issued. Purple Company pays $35,000 to buy back 5,000 shares of its $1 par value Common Stock. The journal entry to record this purchase would include a: 4 pts O debit to Treasury Stock for $35,000 credit to Paid-in Capital from Treasury Stock Transactions for $30,000 O credit to Common Stock for $5,000 O credit to Common Stock for $5,000

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