Refer to the Following Information for Tolan Corporation: • Common

question 230

Multiple Choice

Refer to the following information for Tolan Corporation: • Common Stock,$1.00 par,106,000 shares issued,100,000 shares outstanding
• Paid-In Capital in Excess of Par-Common: $2,190,000
• Retained Earnings: $920,000
• Treasury Stock: 6000 shares purchased at $21 per share
If Tolan resold 2500 shares of treasury stock for $22.50 per share,which of the following statements would be TRUE?

• A) The Treasury Stock account would decrease by $26,250.
• B) The Paid-In Capital in Excess of Par-Common account would increase by $2500.
• C) The Treasury Stock account would decrease by $52,500.
• D) The Retained Earnings account would increase by $56,250.

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