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Question(s) / Instruction(s):

A corporation has 40,000 shares of $5 par common stock outstanding. The corporation has acquired treasury stock for $8.00 per share. Which of the following would be included in the entry to record the reissue of 8,000 shares of the treasury stock for $10 per share?  

a)            Retained earnings would be debited for $16,000.  

b)            Common stock would be credited for $80,000  

c)            Paid-in capital from treasury stock transactions would be credited for $16,000.  

d)            Treasury stock would be debited for $80,000.  

 

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