The Balance in Treasury Stock on January 1, 2011 and December

question 114

Multiple Choice

The balance in Treasury Stock on January 1, 2011 and December 31, 2011 is, respectively, $55,500 and $81,700. During the year, $58,500 of treasury stock was purchased. During the year, treasury stock was sold for $1,300 over its cost. The proceeds from the sale of treasury stock amounted to:

• A)$33,600.
• B)$32,300.
• C)$31,000
• D)$31,000.

---

Definitions:

Beneficiary Payment

A payment made to a person or entity designated to receive benefits from a contract, such as insurance policy or a will.

Surrender

A mutual agreement between a landlord and a tenant in which the lessee returns his or her interest in the premises to the landlord.

Landlord

The owner of a property being leased. Also called lessor.

Tenant

A person who assumes the temporary legal right to possess property. Also called lessee.