Carla Vista Enterprises buys back 318,000 shares of its stock from investors at $15.50 a share. Two years later, it reissues this
stock for $15 a share. The journal entry to record the stock reissuance would debit Cash for:
Multiple Choice
$4,770,000, a credit to Treasury Stock for $4,770,000, and a credit to Additional Paid-in Capital for $159,000.
$4,770,000 and a credit to Treasury Stock for $4,770,000.
$4,929,000 and a credit to Treasury Stock for $4,929,000.
$4,770,000, a debit to Additional Paid-in Capital for $159,000, and a credit to Treasury Stock for $4,929,000.