January 1: Walgreens reacquires 2,400 shares of its $18 par value Common Stock for $79...
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Accounting
January 1: Walgreens reacquires 2,400 shares of its $18 par value Common Stock for $79 per share. March 5: Walgreens reissues 1,200 of the above-mentioned shares for $90 per share.
Using the above information, the journal entry to record the March 5th transaction will be:
Select one:
a.
| Debit | Credit | |
|---|---|---|
| Cash | 108,000 | |
| Treasury Stock | 108,000 |
b.
| Debit | Credit | |
|---|---|---|
| Cash | 108,000 | |
| Treasury Stock | 94,800 | |
| Gain on Sale of TS | 13,200 |
c.
| Debit | Credit | |
|---|---|---|
| Cash | 108,000 | |
| Treasury Stock | 94,800 | |
| APIC TS | 13,200 |
d.
| Debit | Credit | |
|---|---|---|
| Cash | 108,000 | |
| Treasury Stock | 94,800 | |
| Investment Income | 13,200 |
e.
| Debit | Credit | |
|---|---|---|
| Cash | 108,000 | |
| Treasury Stock | 21,600 | |
| APIC TS | 86,400 |
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