Homework Answers
| 1 | |||
| The entry for purchase is: | |||
| Debit | Credit | ||
| Treasury Stock | 100000 | =2000*50 | |
| Cash | 100000 | ||
| Option C Debit to Treasury Stock for $100,000 is correct option | |||
| 2 | |||
| A corporation may reacquire (purchase) its own stock for: | |||
| To provide shares for resale to employees | |||
| To reissue as bonuses to employees | |||
| To support the market price of the stock | |||
| Option D All of these choices are correct is the correct option | |||
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per share.
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$13 per share.
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required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
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