Assuming a Corporation Has No Contributed Surplus Booked, When Shares

question 83

Multiple Choice

Assuming a corporation has no contributed surplus booked, when shares are reacquired at a cost greater than their original issue price and cancelled, what account(s) should be debited?

• A) the share account for the total cost
• B) the share account for the original issue price and contributed surplus for the additional amount
• C) the share account for the average per share amount and retained earnings for the additional amount
• D) the share account for the average per share amount and a loss account for the additional amount

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