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Business, 25.03.2020 17:28, juanesmania
1. Day Corp. holds 10,000 shares of its $10 par value common stock as treasury stock reacquired in Year 2 for $120,000. On December 12, Year 4, Day reissued all 10,000 shares for $190,000. Under the cost method of accounting for treasury stock, the reissuance resulted in a credit to
2. The changes in account balances of the Vel Corporation during Year 6 are presented below:
Increase
Assets
$356,000
Liabilities
108,000
Capital stock
240,000
Additional paid-in capital
24,000
Vel has no items of other comprehensive income (OCI), and the only charge to retained earnings was for a dividend payment of $52,000. Thus, the net income for Year 6 is
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1. Day Corp. holds 10,000 shares of its $10 par value common stock as treasury stock reacquired in Y...
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