On april 16, 2018, rodriguez corporation reacquired 12,000 shares of its own $10 par stock for $660,000 cash. on november 4, 2019, 1,000 of the treasury shares were reissued at a price of $65 per share. the journal entry to record the reissuance of the 1,000 shares of stock on november 4 includes a:

a) credit to additional paid in capital: treasury stock transactions of $10,000.
b) credit to treasury stock reissued of $65,000
c) credit to gain on treasury stock transactions of $10,000.
d) credit to common stock of $10,000

The answer is a) Credit to additional Paid In Capital: Treasury Stock Transactions of $10,000.

Explanation:

The repurchased price per share in April 16,2018 is equal to: 660,000/12,000 = $55 per share;

Thus, once the reissued of these 12,000 repurchased shared took place, common stock account will be credited at the amount equal to 55 x Number of share reissued. In case the reissued price is higher than $55, the surplus amount will be Credited into Paid-in Common share account to present the difference between cash receipt and common share recorded; in case reissued price is lower than $55, Retained earning account will be debited to present the difference between cash receipt and common share recorded

As a result, the reissued of share on November 4,2019 will include a $10,00 credited to additional Paid In Capital; calculated as (65-55) x 1,000 = $10,000.

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