Multiple Choice
Prior to May 1,Fortune Company has never had any treasury stock transactions.A company repurchased 100 shares of its common stock on May 1 for $5,000.On July 1,it reissued 50 of these shares at $52 per share.On August 1,it reissued the remaining treasury shares at $49 per share.What is the balance in the Paid-in Capital,Treasury Stock account on August 2?
A) $2,600 Debit.
B) $2,600 Credit.
C) $100 Credit.
D) $50 Credit.
E) $50 Debit.
Correct Answer:
Verified
Correct Answer:
Verified
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