Question: uring the current year, Onal Co . purchased 1 0 , 0 0 0 shares of its own stock at $ 7 per share. The

uring the current year, Onal Co

.

purchased

10, 000

shares of its own stock at $

7

per share. The stock was originally issued at $

6 .

The firm sold

5, 000

of the treasury shares for $

10

per share. The firm uses the cost method to account for treasury stock. What amount should Onal report in its income statement for these transactions?

.

15, 000

gain

.

0

.

5, 000

gain

.

10, 000

loss

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