20) On October 1, Gregory Corporation purchased 4,000 shares of Treasury Stock for $22 per share. On October 20, Gregory Corporation reissued 800 shares of its Treasury Stock at $25 per share. Which of the following statements about these transactions is accurate? A) Treasury Stock "cost" is $25 per share and Treasury Stock is credited $20,000 on Oct 20 B) Cash is debited $20,000 on Oct 20 and Treasury Stock "cost" is $22 per share C) Treasury Stock is debited $88,000 on Oct 1 and Cash is credited $20,000 on Oct 20 D) Cash is debited $20,000 on Oct 20 and Treasury Stock "cost" is $25 per share
20) On October 1, Gregory Corporation purchased 4,000 shares of Treasury Stock for $22 per share. On October 20, Gregory Corporation reissued 800 shares of its Treasury Stock at $25 per share. Which of the following statements about these transactions is accurate? A) Treasury Stock "cost" is $25 per share and Treasury Stock is credited $20,000 on Oct 20 B) Cash is debited $20,000 on Oct 20 and Treasury Stock "cost" is $22 per share C) Treasury Stock is debited $88,000 on Oct 1 and Cash is credited $20,000 on Oct 20 D) Cash is debited $20,000 on Oct 20 and Treasury Stock "cost" is $25 per share
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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