What is the journal entry for the sale of 5,000 shares of $1 par value common...

What is the journal entry for the sale of 5,000 shares of $1 par value common stock for $9/share?

		Debit Common Stock 5,000; Credit Cash 5,000
		Debit Cash 5,000; Credit Common Stock 5,000
		Debit Cash 45,000; Credit Common Stock 45,000
		Debit Cash 45,000; Credit Common Stock 5,000, Credit Paid-In Capital in Excess of Par-Common 40,000

What is the journal entry for the purchase of 500, $2 par value common stock for $20 as treasury shares?

		Debit Common Stock 1,000, Debit Additional Paid in Capital 9,000; Credit Cash 10,000
		Debit Cash 10,000; Credit Common Stock 1,000, Credit Paid-In Capital from Treasury Stock Transactions 9,000
		Debit Treasury Stock 10,000; Credit Cash 10,000
		Debit Cash 10,000; Credit Treasury Stock 10,000

The shares purchased in the previous question are sold 2 months later for $25 per share. What is the amount of Paid-In Capital from Treasury Stock for this transaction?

		$0
		$25
		$2,500
		$12,500

Expert Solution

ekkarill92 answered 2 years ago

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