Question 27 1. Using the following information, the journal entry to record the

Question

Question 27
1.
Using the following information, the journal entry to record the January 1 transaction will be:
January 1: Atlantic Corporation reacquires 2,000 shares of its $5 par common stock for $22 per share.
March 5: Atlantic reissues 1,000 of the above mentioned shares for $25 per share.

Answer

A. Treasury Stock, Common 44,000
Cash 44,000


B. Investment in Treasury Stock 44,000
Cash 44,000


C. Cash 44,000
Treasury Stock, Common 44,000


D. Treasury Stock, Common 10,000
Paid-in-capital, Treasury Stock 34,000
Cash 44,000

Explanation / Answer

D. Treasury Stock, Common 10,000 Paid-in-capital, Treasury Stock 34,000 Cash 44,000

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