Assume That a Company Issued 10,000 Shares for $30/share

question 29

Multiple Choice

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

• A)Credit to common shares for $28,000
• B)Credit to common shares for $30,000
• C)Credit to contributed surplus for $29,000
• D)Credit to contributed surplus for $2,000