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1. Treasury stock should be reported in the financial statements

Resolved Question:

1. Treasury stock should be reported in the financial statements of a corporation as a
a. investment.
b. liability.
c. deduction from total paid-in capital.
d. deduction from total paid-in capital and retained earnings.
2. Four thousand shares of treasury stock of Meyer, Inc., previously acquired at $12 per share, are sold at $18 per share. The entry to record this transaction will include a
a. credit to Treasury Stock for $72,000.
b. debit to Paid-In Capital from Treasury Stock for $24,000.
c. debit to Treasury Stock for $48,000.
d. credit to Paid-In Capital from Treasury Stock for $24,000.
3. Cole Corporation issues 15,000 shares of $50 par value preferred stock for cash at $60 per share.

The entry to record the transaction will consist of a debit to Cash for $900,000 and a credit or credits to



a. Preferred Stock for $900,000.

b. Preferred Stock for $750,000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $150,000.

c. Preferred Stock for $750,000 and Paid-in Capital from Preferred Stock for $150,000.

d. Paid-in Capital from Preferred Stock for $900,000.
Submitted: 7 years ago.
Category: Homework
Expert:  Neo replied 7 years ago.
THIS ANSWER IS LOCKED!

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Customer: replied 7 years ago.
Just making sure you got the next two sets of questions.
Customer: replied 7 years ago.

Are you available on Saturday the 27th and if you are what time is good for you?

 

Thanks,

 

Diane

Expert:  Neo replied 7 years ago.
I am avaiable only at night.
Customer: replied 7 years ago.
What about Sunday?
Expert:  Neo replied 7 years ago.
All day on Sunday. :)
Customer: replied 7 years ago.

Cool.......around 10 I will be on.

 

Thanks again!

Expert:  Neo replied 7 years ago.
10 am? or 10 pm?

Either will do. :)
Customer: replied 7 years ago.
am

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