Sheffield Company originally issued 5400 shares of $10 par value common stock for $162000 ($30 per share). Sheffield subsequently purchases 530 shares of treasury stock for $26 per share and resells the 530 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a:. a. credit to Paid-In Capital from Treasury Stock for $2650.
b. credit to Common Stock for $13780.
c. credit to Treasury Stock for $5300.
d. debit to Paid-In Capital in Excess of Par of $15900.

a. credit to Paid-In Capital from Treasury Stock for $2650.

Explanation:

the complete journal entries required to record the 3 operations:

Dr Cash 162,000

    Cr Common stock 54,000

    Cr Additional paid in capital 108,000

Dr Treasury stock 13,780

    Cr Cash 13,780

Dr Cash 16,430

    Cr Treasury stock 13,780

    Cr Additional paid in capital 2,650

answer; ///i believe that the correct answer is (post conventional)

the answer is: c.that person might be arrested and deported

filling w-4 form incorrectly usually would rise suspicions from government's auditors. when they notice such mistakes, they would send their teams to investigate the situation further.

if those investigation teams believe that the incorrectness is done on purpose (with malicious intent), that person can be arrested or deported