In 2021, Daisy, Inc. reacquired 5,000 shares of its common stock as treasury shares at $15 per share. In 2022, Daisy, Inc. sold 2,500 shares of the treasury stock at $25 per share. Which of the following journal entries will Daisy record in 2022? O dr. Cash $75,000; cr. Treasury stock $55,000; cr. PIC-share repurchase $20,000. O None of the options listed. O dr. Treasury stock $75,000; cr. Cash $75,000. O dr. Cash $62,500; cr. Treasury stock $37,500; cr. PIC–share repurchase $25,000. O dr. Treasury stock $62,500; cr. Cash $62,500.
In 2021, Daisy, Inc. reacquired 5,000 shares of its common stock as treasury shares at $15 per share. In 2022, Daisy, Inc. sold 2,500 shares of the treasury stock at $25 per share. Which of the following journal entries will Daisy record in 2022? O dr. Cash $75,000; cr. Treasury stock $55,000; cr. PIC-share repurchase $20,000. O None of the options listed. O dr. Treasury stock $75,000; cr. Cash $75,000. O dr. Cash $62,500; cr. Treasury stock $37,500; cr. PIC–share repurchase $25,000. O dr. Treasury stock $62,500; cr. Cash $62,500.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
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