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Jacobs Corporation Has the Following Shareholders' Equity on December 31

Question 64

Multiple Choice

Jacobs Corporation has the following shareholders' equity on December 31, 2014:
Shareholders' equity Jacobs Corporation has the following shareholders' equity on December 31, 2014: Shareholders' equity -If 10,000 common shares were reacquired for $24 per share, the journal entry to record the transaction would A) credit Contributed Surplus-Reacquisition of Shares for $40,000. B) credit Retained Earnings for $40,000. C) credit Common Shares for $240,000. D) debit Common Shares for $200,000.
-If 10,000 common shares were reacquired for $24 per share, the journal entry to record the transaction would


A) credit Contributed Surplus-Reacquisition of Shares for $40,000.
B) credit Retained Earnings for $40,000.
C) credit Common Shares for $240,000.
D) debit Common Shares for $200,000.

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