A Company Purchases 400 Shares of Its $50 Par Value

Multiple Choice

A company purchases 400 shares of its $50 par value common stock at $55 per share.It then reissues 60 shares at $58 per share.The entry upon reissue of the stock would be:

A) Cash 3,480
Treasury Stock-Common 3,300
Paid-in Capital,Treasury Stock 180
B) Cash 3,480
Treasury Stock-Common 3,480
C) Cash 3,480
Paid-in Capital,Treasury Stock 3,480
D) Cash 3,480
Treasury Stock-Common 3,000
Retained Earnings 480