Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 18 central concrete inc. issues 200,000 n

QUESTION 18 Central Concrete Inc. issues 200,000 no-par value shares for $150 per share in...

60.1K

Verified Solution

Question

Accounting

image

QUESTION 18 Central Concrete Inc. issues 200,000 no-par value shares for $150 per share in 2017. Three years later, it repurchases 30,000 of these shares for $80 per share Central records the repurchase in which of the following ways? O Debit Cash for S4.5 million, credit Common shares for $2.4 million and credit Contributed Surplus for $2.1 million O Debit Common Shares for $45 million and credit Cash for $2.4 million and Contributed Surplus for $2.1 million O Debit Common Shares for $2.4 million, debit Cash for $2.1 million and credit Contributed Capital for S4.5 million O Debit Common Shares for $45, debit Contributed Surplus for $2.4 and credit Cash for $2.1 million

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students