On Jan 1 a corp had 40,000 shares of $10 per value common stock issued and outst

Question

On Jan 1 a corp had 40,000 shares of $10 per value common stock issued and outstanding. all 40,000 shares had been issued in a prior period at $20,000 per share. On feb 1 the corp purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. The journal entry to record the purchase of the treasury shares on Feb 1 would include...

A. ) Debt a loss account 112,500

B.) Credit gain account 112,500

C.) Debit to treasury stock for 90,000

D.) Credit to treasury stock for 90,000

Explanation / Answer

C.) Debit to treasury stock for 90,000

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