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vova2212 [387]
3 years ago
7

N December 2, Coley Corp. acquired 1,700 shares of its $2 par value common stock for $21 each. On December 20, Coley Corp. resol

d 1,300 shares for $12 each. Which of the following is correct regarding the journal entry for the resold shares?
Credit Additional Paid-in Capital $7,000

Credit Treasury Stock $20,000

Debit Cash $15,400

Credit Treasury Stock $11,000
Business
1 answer:
erma4kov [3.2K]3 years ago
6 0

Answer:

Credit Treasury Stock $20,000

Explanation:

When the company reissued the shares, the Treasury Stock account is credited by the same price they were acquire. i.e. in this case we acquire the treasury stock at a price of $20.

Cash (1,000 * 12)                                    12,000

Additional Paid in Capital                        8,000

                         Treasury Stock (1,000 * 20)               20,000

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