On December 2, Coley Corp. reacquired 1,000 shares of its $2 par value common stock for $27 each. On December 20, Coley Corp. reissued 400 shares for $15 each. Which of the following is correct regarding the journal entry for the reissued shares?
A) Debit Cash $15,000.
B) Credit Treasury Stock $10,800.
C) Credit Paid in Capital - Treasury Stock $5,200.
D) Credit Treasury Stock $6,000.
Correct Answer:
Verified
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