Use the Following Information for Questions

question 36

Multiple Choice

Use the following information for questions.
Galba Corp.'s shareholders' equity at January 1, 2017 was:
Common shares, no par value; authorized 200,000 shares; During 2017, Galba had the following share transactions:
Acquired 2,000 treasury shares for $90,000
Sold 1,200 treasury shares at $50 a share
Retired the remaining treasury shares
No other share transactions occurred during 2017.
-Instead, assume Galba cancelled the 2,000 shares when it acquired them for $90,000.The journal entry to record the retirement would be

• A)Dr.Common Shares, $90,000; Cr.Cash, $90,000.
• B)Dr.Treasury Shares, $90,000; Cr.Cash, $90,000.
• C)Dr.Common Shares, $28,000; Dr.Contributed Surplus, $62,000; Cr.Cash, $90,000.
• D)Dr.Common Shares, $28,000; Dr.Retained Earnings, $62,000; Cr.Cash, $90,000.

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Definitions:

Morphogens

Substances that govern the pattern of tissue development in the process of morphogenesis by forming a concentration gradient that cells respond to.

Induction

The process by which the differentiation of a cell or group of cells is influenced by interactions with neighboring cells.

Cell Fate

The outcome of a cell's development, including differentiation, division, or death, often determined by its genetic and environmental context.

Proto-Oncogenes

Normal genes that can become oncogenes if mutated; they usually control normal cell growth and division.