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Jacobs Corporation Has the Following Shareholders' Equity on December 31

Question 100

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 $17 per share, the journal entry to record the transaction would A) credit Contributed Surplus for $30,000. B) debit Retained Earnings for $30,000. C) credit Common Shares for $170,000. D) debit Common Shares for $170,000.
-If 10,000 common shares were reacquired for $17 per share, the journal entry to record the transaction would


A) credit Contributed Surplus for $30,000.
B) debit Retained Earnings for $30,000.
C) credit Common Shares for $170,000.
D) debit Common Shares for $170,000.

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