Business, 28.05.2021 15:40, JocelynC7237
On January 1, Vermont Corporation had 47,500 shares of $10 par value common stock issued and outstanding. All 47,500 shares had been issued in a prior period at $20 per share. On February 1, Vermont purchased 1,090 shares of treasury stock for $27 per share and later sold the treasury shares for $19 per share on March 1.
The journal entry to record the purchase of the treasury shares on February 1 would include a:.
a. debit to a loss account for $5,750
b. credit to a gain account for $5,750
c. credit to Treasury Stock for $28,750
d. debit to Treasury Stock for $28,750
Answers: 3
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On January 1, Vermont Corporation had 47,500 shares of $10 par value common stock issued and outstan...
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