On January 1,2013,Belmont Corporation Had 50,000 Shares of $10 Par

question 215

Multiple Choice

On January 1,2013,Belmont Corporation had 50,000 shares of $10 par value common stock issued and outstanding.All 50,000 shares had been issued in a prior period at $15 per share.On February 1,2013,Belmont purchased 2,000 shares of treasury stock for $18 per share and later sold the treasury shares for $20 per share on March 2,2013.The entry to record the purchase of the treasury shares on February 1,2013,would be:

• A) Cash 36,000
• Treasury Stock-Common 36,000
• B) Cash 36,000
• Treasury Stock-Common 30,000
• Gain on Treasury Stock-Common 6,000
• C) Treasury Stock,Common 30,000
• Loss on Treasury Stock-Common 6,000
• Cash 36,000
• D) Treasury Stock,Common 36,000
• Cash 36,000

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Frequency Distribution

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