Assume that a company issued 10,000 shares for $30 and a par value of $1/share.What entry would be required to record the repurchase and cancellation of 1,000 shares at $28/share?
A) Debit to common shares for $28,000
B) Debit to common shares for $1,000
C) Credit to contributed surplus for $29,000
D) Credit to contributed surplus for $1,000
Correct Answer:
Verified
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