Slaton Company originally issued 3,000 ordinary shares with a $10 par value for $90,000 ($30 per share).Slaton subsequently purchases 300 treasury shares for $27 per share and resells the 300 treasury shares for $29 per share.In the entry to record the sale of the treasury shares, there will be a

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The resale of treasury shares at $29 per share results in a gain of $2 per share ($29 - $27). For 300 shares, this gain totals $600, which is credited to Share Premium-Treasury Shares.

Slaton Company Originally Issued 3,000 Ordinary Shares with a $10