Assume That a Company Issued 10,000 Shares for $30 and a Par

question 59

Multiple Choice

Assume that a company issued 10,000 shares for $30 and a par value of $2/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 $2,000
• B)Debit to common shares for $28,000
• C)Debit to contributed surplus for $1,000
• D)Credit to contributed surplus for $1,000

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Definitions:

Keratin

A type of protein found in hair, nails, and the outer layer of skin, providing protection and structural integrity.

Stratified Cuboidal Epithelium

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The process of accumulating and conserving energy in the body, often in the form of fat or glycogen, for future use.