The Stockholders' Equity Section of the Balance Sheet at January

Question 198

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The stockholders' equity section of the balance sheet at January 1, 2019, appeared as follows: The stockholders' equity section of the balance sheet at January 1, 2019, appeared as follows: On March 1, 2019, the company sold 800 shares of treasury stock at $25 per share. A)Prepare the journal entry to record the March 1 transaction. B)Is the excess sale price over the cost of the treasury stock reported on the income statement? Why or why not? On March 1, 2019, the company sold 800 shares of treasury stock at $25 per share.
A)Prepare the journal entry to record the March 1 transaction.
B)Is the excess sale price over the cost of the treasury stock reported on the income statement? Why or why not?

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