The day corp holds 1000 shares of it s $5 par value common stock as treasury...
The day corp holds 1000 shares of it s $5 par value common stock as treasury stock that the company purchased in 2020 for $150,000. Day corps resissued all 1000 shares for $160,000. under the cost method of accounting for treasury stock, the reissuance journal entry reissued
a. credit to treasury stock for $160,000
b. none of above
c. credit to gain on sale of $10k
d. credit to common stock for $10k
e. credit to paid in excess of $10k
Homework Answers
| Solution: | |||||
| Journal entry for the sale of treasury stock is done as below, | |||||
| Journal Entries | |||||
| Sr. No. | Date | Account Title and explanation | Debit | Credit | |
| 1 | ------- | Cash | $160,000 | ||
| Treasurry Stock | $150,000 | ||||
| Paid in Capital in excess of Par - Treasurry Stock | $10,000 | ||||
| (To record the resold of treasury stock) | |||||
| Answer = Option e = credit to paid in excess of $10k | |||||
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