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All of the following regarding accounting for Treasury Stock are true except Multiple Choice Corporations do not record gainsPrior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par comPrior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par comI need these answers as soon as possible! thank you!

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Answer #1
1 A Treasury Stockholder is not entitled to any Dividend(cash or equity),Because it will mean
giving dividend to own account and hence it is a non-event
So Option B is correct
2 The Journal entry for June 30 shall be:
A debit to Treasury stock of $4,000 and credit to cash of $4,000
So Option D is correct
3 The Journal entry for July 20 shall be:
Debit to Cash of $2300 and credit of Treasury stock of $2000
and credit to paid-in-capital, Treasury stock of $300
So Option D is correct
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