100 shares of treasury stock were purchased at $60/share. 60 of these shares were sold...
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Accounting
100 shares of treasury stock were purchased at $60/share.
60 of these shares were sold six months later at $64/share.
The other 40 shares were sold eight months later at $53/share.
Which of the following would have occurred?
A. First entry: cash increased $6,000.
B. Second entry: treasury stock increased $3,600.
C. Second entry: cash decreased $3,840.
D. Third entry: addl. paid in capital increased $240.
E. Third entry: retained earnings decreased $40.
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