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Item 3Item 3 Prior to May 1, Fortune Company has never had any treasury stock transactions....

Item 3Item 3 Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on May 1 for $5,000. On July 1, it reissued 50 of these shares at $52 per share. On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2?

Multiple Choice $5,050. $2,600. $100.50.0

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Answer #1

Option D is correct. $50 Calculation: $ 0 - Paid- in Capital, Treasury stock May 1 July 1: Paid in capital, Treasury stock Au

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