Rancho Corporation sold 200 shares of treasury stock for $40 per share. The cost for the shares was $30. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $6,000.
B) credit to Paid-in Capital from Treasury Stock for $2,000.
C) debit to Paid-in Capital in Excess of Par Value for $2,000.
D) credit to Treasury Stock for $8,000.
Correct Answer:
Verified
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