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

question 51

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)Debit to common shares for $28,000
• B)Debit to common shares for $30,000
• C)Credit to contributed surplus for $29,000
• D)Credit to contributed surplus for $1,000

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Definitions:

Immune System

The complex network of cells, tissues, and organs in the body that defends against infections, diseases, and foreign substances.

Sense of Taste

One of the five senses, involving the ability to detect flavors through taste buds in the mouth.

Spoiled Food

Food that has gone bad due to bacteria, mold, or yeast growth, making it unsafe to eat and potentially causing illness.

Saliva

A watery secretion in the mouth from the salivary glands, important for digestion and oral hygiene.