The stockholders' equity section of the balance sheet at January 1, 2019, appeared as follows: 
On March 1, 2019, the company sold 800 shares of treasury stock at $25 per share.
A)Prepare the journal entry to record the March 1 transaction.
B)Is the excess sale price over the cost of the treasury stock reported on the income statement? Why or why not?
Correct Answer:
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