Cooper Corporation has 100,000 common shares issued at an average price of $20 per share. Cooper reacquires 1,000 shares for $19,500 and cancels them. The journal entry would include:
A) a $19,500 debit to cash.
B) a $500 debit to Loss on Reacquisition of Common Shares.
C) a $500 credit to Gain on Reacquisition of Common Shares.
D) a $20,000 debit to Common Shares.
Correct Answer:
Verified
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