Ross Corporation Reported the Following Equity Section on Its Current

question 141

Multiple Choice

Ross Corporation reported the following equity section on its current balance sheet: Which of the following would be included in the entry to record the corporation's purchase of 100,000 shares of its common stock for $7.50 per share?

• A)Treasury Stock-Common would be debited for $750,000.
• B)Paid-In Capital from Treasury Stock Transactions would be credited for $700,000.
• C)Retained Earnings would be debited for $750,000.
• D)Common Stock-$5 Par Value would be credited for $500,000.

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