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Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would...
57. Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to a. Treasury Stock for $7,500 b. Paid-In Capital from Treasury Stock for $7,500 c. Paid-In Capital in Excess of Par/Common for $2,100 d. Paid-In Capital from Treasury Stock for $2,100 ANS: D DIF: Easy OBJ: 13-05 NAT: AACSB Analytic | AICPA FN-Measurement 58. A corporation purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized from the sale? A. $0 b. $5,000 c. $2,500 d. $10,000 ANS: A DIF: Easy OBJ: 13-05 NAT: AACSB Analytic | AICPA FN-Measurement 59. A corporation purchases 10,000 shares of its own $10 par common stock for $25 per share, recording it at cost. What will be the effect on total stockholders" equity? A. increase, $100,000 b. increase, $250,000 c. decrease, $100,000 d. decrease, $250,000 ANS: D DIF: Easy OBJ: 13-05
