On February 1, 2015, Cue Company Acquired 1,000 Shares of Its

question 83

Multiple Choice

On February 1, 2015, Cue Company acquired 1,000 shares of its $1 par value stock for $47 per share and held these shares in treasury. On April 10, 2016, Cue resold all the treasury shares for $50 per share. Which of the following entries would be recorded when Cue Company resells the shares of treasury stock?

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Definitions:

Codify

The process of collecting and systematizing laws, rules, or regulations into a code or coherent system.

Mining Partner

An individual or entity that enters into a partnership with others to engage in the exploration or extraction of minerals.

Transferable Interest

The portion of a member's ownership in an LLC or partnership that can be transferred or sold.

Partnership Account

A financial account held in the name of a partnership for the purpose of managing the partnership's funds.