Prior to May 1,Fortune Company Has Never Had Any Treasury

question 108

Multiple Choice

Prior to May 1,Fortune Company has never had any treasury stock transactions.A company repurchased 100 shares of its common stock on May 1 for $5,000.On July 1,it reissued 50 of these shares at $52 per share.On August 1,it reissued the remaining treasury shares at $49 per share.What is the balance in the Paid-in Capital,Treasury Stock account on August 2?

• A)$2,600 Debit.
• B)$2,600 Credit.
• C)$100 Credit.
• D)$50 Credit.
• E)$50 Debit.