Ropers Inc.purchases 7,000 shares of its own $2 par value common stock for $160 per share.Which of the following is the correct journal entry to record this transaction?
A) debit Common Stock-$2 Par Value $2,240,000 and credit Cash $2,240,000
B) debit Cash $2,240,000 and credit Paid-In Capital in Excess of Par-Common $2,240,000
C) debit Cash $2,240,000 and credit Treasury Stock-Common $2,240,000
D) debit Treasury Stock-Common $1,120,000 and credit Cash $1,120,000
Correct Answer:
Verified
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