On October 1, 2015, Adoll Company acquired 1,600 shares of its $1 par value stock...
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Accounting
On October 1, 2015, Adoll Company acquired 1,600 shares of its $1 par value stock for $50 per share and held these shares in treasury. On March 1, 2017, Adoll resold all the treasury shares for $46 per share. Which of the following entries would be recorded when Adoll Company resells the shares of treasury stock?
| Cash | 73,600 | |
| Loss on sale of treasury stock | 6,400 | |
| Treasury Stock | 80,000 |
| Cash | 73,600 | |
| Additional paid-in capital | 6,400 | |
| Common Stock | 80,000 |
| Cash | 73,600 | |
| Additional paid-in capital | 6,400 | |
| Treasury Stock | 80,000 |
| Cash | 73,600 | |
| Common Stock | 1,600 | |
| Additional paid-in capital | 72,000 |
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