PQR Inchad 1,000 Common Shares Outstanding with a Par Value of of $10

question 6

Multiple Choice

PQR Inc.had 1,000 common shares outstanding with a par value of $10 per share.There was $20,000 of contributed surplus arising from previous retirements of shares in this class.Assume that half of these shares were retired for $14 per share.The journal entry to record this transaction would include:

• A) a debit to retained earnings of $40,000.
• B) an income statement loss of $40,000.
• C) a credit to retained earnings of $40,000.
• D) a debit to retained earnings of $20,000 and a debit to contributed surplus of $20,000.

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Definitions:

Fully Functioning Groups

Groups characterized by effective communication, collaboration, and goal achievement, where members work cohesively towards common objectives.

Clear Mission

The specific, overarching purpose and direction of an organization or team, articulated in a way that guides its strategies and actions.

Active Listening

Engaging in listening that is fully concentrated, understanding, responding, and then remembering what is being said.

Individual Competence

Individual competence refers to a person's ability to perform a specific task or role effectively, based on their skills, knowledge, and experience.