Minsk Corporation's shareholders' equity section at December 31, 2016 was:
Common shares, $5 par value, authorized 1,200,000 shares; 
During 2017, Minsk sold 30,000 treasury shares at $10 per share.No other similar transactions occurred during 2017.What amount should be reported for this transaction on the 2017 income statement?
A) $0
B) $60,000 gain from sale
C) $60,000 comprehensive income
D) $20,000 gain from sale and $40,000 contributed surplus
Correct Answer:
Verified
Q61: Sarajevo Ltd. currently has outstanding 20,000 no
Q100: The shareholders' equity section of Zagreb Corp.at
Q101: Use the following information for questions.
The following
Q102: Nicosia Corp.was organized on January 1, 2017,
Q105: Use the following information for questions.
At December
Q106: Use the following information for questions.
When Oslo
Q106: Use the following information for questions.
At December
Q107: For calendar 2017, Budapest Corp.reported net income
Q108: At December 31, 2016, the balance of
Q109: Sofia Ltd.reported net income of $5,300,000 for
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