70 of the 350 Treasury Shares That Miles Inc

question 4

Multiple Choice

70 of the 350 treasury shares that Miles Inc. acquired at $4 par per common stock for $22, were reissued for $8 per share. What is the journal entry for the reissued shares?

• A) Credit Cash for $560, Debit Treasury Stock-Common for $560.
• B) Debit Cash for $1,540, Credit Paid-In Capital from Treasury Stock for $980, Credit Treasury Stock-Common for $560.
• C) Debit Cash for $560, Debit Paid-In Capital from Treasury Stock for $980, Credit Treasury Stock-Common for $1,540.
• D) Credit Cash for $980, Debit Treasury Stock-Common for $1,540, Credit Paid-In Capital from Treasury Stock for $560.

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