Question

On December 2, Coley Corporation acquired 2,000 shares of its $4 par value common stock for $23 each. On December 20, Coley Corporation resold 1,600 shares for $10 each. Which of the following is correct regarding the journal entry for the resold shares? Multiple Choice Credit Additional Paid-in Capital $9,600 Credit Treasury Stock $16,000 Debit Cash $20,000 Credit Treasury Stock $36,800

Name: on december 2 coley corporation acquired 2000 shares of its 4 par value common stock for 23 each on december 20 coley corporation resold 1600 shares for 10 each which of the following is cor 16294
Uploaded: 2023-10-27T18:50:59-08:00
Duration: 2 min 39 s
Channel: Akash M
Description: on december 2 coley corporation acquired 2000 shares of its 4 par value common stock for 23 each on december 20 coley corporation resold 1600 shares for 10 each which of the following is cor 16294

          On December 2, Coley Corporation acquired 2,000 shares of its $4 par value common stock for $23 each.
On December 20, Coley Corporation resold 1,600 shares for $10 each. Which of the following is correct regarding the journal entry for the resold shares?
Multiple Choice
Credit Additional Paid-in Capital $9,600
Credit Treasury Stock $16,000
Debit Cash $20,000
Credit Treasury Stock $36,800

on december 2 coley corporation acquired 2000 shares of its 4 par value common stock for 23 each on december 20 coley corporation resold 1600 shares for 10 each which of the following is cor 16294

Added by Autumn W.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Akash M

10/27/2023

Step 1

The cost per share is $23, and 2,000 shares were acquired. Therefore, the total cost is $23 * 2000 = $46,000. Show more…

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On December 2, Coley Corporation acquired 2,000 shares of its $4 par value common stock for $23 each. On December 20, Coley Corporation resold 1,600 shares for $10 each. Which of the following is correct regarding the journal entry for the resold shares? Multiple Choice Credit Additional Paid-in Capital $9,600 Credit Treasury Stock $16,000 Debit Cash $20,000 Credit Treasury Stock $36,800