A Corporation Originally Issued $8 Par Value Stock for $9

question 121

Multiple Choice

A corporation originally issued $8 par value stock for $9 per share. It purchased the stock for $10 per share for the treasury. Which of the following would be included in the entry to record the reissue of 20 shares of treasury stock for $11 per share?

• A) Paid-in capital from treasury stock transactions is credited for $220.
• B) Treasury stock is credited for $200.
• C) Treasury stock is credited for $220.
• D) Paid-in capital from treasury stock transactions is credited for $200.

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Definitions:

Middle Class

A social group between the working class and upper class, often characterized by moderate income, education, and professional employment.

Rapid Growth

Rapid growth refers to a quick and significant increase in economic performance, population size, or development in a particular area or sector.

Industrialized Nation

A country whose economy is characterized by the large-scale use of industry and manufacturing technology, leading to high levels of income and development.

Separate Spheres

A gender ideology that emerged in the 19th century, suggesting that men and women have distinct roles, with women belonging in the private domain of home and family, and men in the public sphere of work and politics.