Five years ago, Dunn Trading Co.issued 2,500 ordinary shares.The shares have a ₤2 par value and sold at that time for ₤12 per share.On January 1, 2012, Dunn Trading Co.Purchased 1,000 of these shares for ₤24 per share.On September 30, 2012, Dunn reissued 500 of the shares for ₤28 per share.The journal entry to record the reissuance will include
A) A debit to Treasury Shares ₤12,000.
B) A credit to Share Premium-Treasury ₤2,000.
C) A credit to Treasury Shares ₤14,000.
D) A credit to cash ₤14,000.
Correct Answer:
Verified
Q71: On December 1, 2012, Abel Corporation exchanged
Q72: Glavine Company issues 6,000 shares of its
Q73: Long Co.issued 100,000 shares of $10 par
Q74: On January 1 Hiro Corp.issues 1,000 no-par
Q75: Berry Corporation has 50,000 shares of $10
Q77: Pember Corporation started business in 2005 by
Q78: Presented below is the equity section of
Q79: Percy Corporation was organized on January 1,
Q80: Hiro Corp.issues 1,000 €5 par value ordinary
Q81: Anders, Inc., has 5,000 shares of 5%,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents