Lake Lanier Grill The stockholders' equity section of the December 31,2014,balance sheet is provided below:
Assume that all 2,000 shares of stock were issued as of December 31,2014 for $3.50 per share.On March 1,2015,the company reacquired 1,000 shares of its common stock for $4.50 per share.
-Refer to Lake Lanier Grill,Inc.The journal entry to record the transaction on March 1 includes a credit to what account and for what amount?
A) $3,000 to paid in capital from treasury stock transactions
B) $4,500 to treasury stock
C) $3,000 to common stock
D) $4,500 to cash
Correct Answer:
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