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On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and...

On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and outstanding. All 36,200 shares had been issued in a prior period at $20 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $25 per share and later sold the treasury shares for $22 per share on March 1.

The journal entry to record the purchase of the treasury shares on February 1 would include a

a.credit to Treasury Stock for $27,500

b.debit to a loss account for $5,500

c.debit to Treasury Stock for $27,500

d.credit to a gain account for $5,500

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Answer #1

Entry to record the purchase of treasury stock

Treasury stock 27500
Cash (1100*25) 27500

Option C is the answer

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