The following two items are disclosed in the stockholders' equity section of Riverside Corporation's December 31, 2009, balance sheet: If the company had reacquired 700 shares of treasury stock in February of 2009, then for what amount was the other treasury stock sold for during 2009?

Question

Quizplus · Accepted Answer

Since the company reacquired 700 shares of treasury stock, the other treasury stock sold must refer to the remaining treasury shares sold during 2009. The disclosure states that these shares were sold for $2 per share above their cost, which is the price paid by the company when it acquired the shares. Therefore, the answer is C.

The Following Two Items Are Disclosed in the Stockholders' Equity