HiTech Industries has 10,000 shares of treasury cost which it purchased for $61/share.It later resold 3,000 of those shares for $87/share.The amount to be credited to Paid-in Capital-Treasury Stock is:

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Quizplus · Accepted Answer

The company resold 3,000 shares at a $26 profit per share ($87 - $61). The total profit is 3,000 shares * $26 = $78,000, which is credited to Paid-in Capital-Treasury Stock.

HiTech Industries Has 10,000 Shares of Treasury Cost Which It