Multiple Choice
Refer to Ladder Distributors. Suppose the company reissued 1,000 shares of its treasury stock on June 1, 2015, for $39 each. Which of the following is true regarding the entry required to record this transaction?
A) A debit to treasury stock is required for $50,000.
B) A credit to treasury stock is required for $39,000.
C) A debit to retained earnings is required for $11,000.
D) A debit to paid-in capital from treasury stock transactions is required for $3,000.
Correct Answer:
Verified
Correct Answer:
Verified
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