Assume That a Company Issued 10,000 Shares for $30 and a Par

question 59

Multiple Choice

Assume that a company issued 10,000 shares for $30 and a par value of $2/share.What entry would be required to record the repurchase and cancellation of 1,000 shares at $28/share?

• A)Debit to common shares for $2,000
• B)Debit to common shares for $28,000
• C)Debit to contributed surplus for $1,000
• D)Credit to contributed surplus for $1,000

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Definitions:

Moral Development

Refers to the process through which individuals develop the ability to differentiate right from wrong and to develop attitudes and behaviors that are socially acceptable.

Lawrence Kohlberg

A psychologist best known for his theory of stages of moral development.

Stages

Distinct phases or steps in a process or development, often used to describe progressive milestones in personal growth, project management, or disease progression.

Organizational Culture

A compilation of joint attitudes, objectives, practices, and values that embodies an institution or organization.