Use the Following Information to Answer the Question Below

question 111

Multiple Choice

Use the following information to answer the question below. On January 1,20x5,Falcon Corporation had 40,000 shares of $10 par value common stock issued and outstanding.All 40,000 shares had been issued in a prior period at $17 per share.On February 1,20x5,Falcon purchased 3,100 shares of treasury stock for $19 per share and later sold the treasury shares for $26 per share on March 2,20x5.
-What amount of gain due to these treasury stock transactions should be reported on the income statement for the year ended December 31,20x5 ?

• A)$0
• B)$21,700
• C)$3,100
• D)$2,170

---

Definitions:

Moderately Intelligent

Describing a level of cognitive ability that is average or slightly above average, indicating reasonable problem-solving and learning capabilities.

High Self-esteem

Refers to an individual's positive evaluation of oneself, characterized by confidence and feeling of self-worth.

Generic Brands

Products marketed without a branded name, often positioned as lower-cost alternatives to well-known brands.

High Ratings

A term used to indicate a positive evaluation or assessment, usually referring to quality, performance, or satisfaction in various contexts (e.g., product reviews, service evaluations).