Business, 21.11.2019 01:31 bskyeb14579

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares had been issued in a prior period at $20.00 per share. on february 1, vermont 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 february 1, would include
a. debit to a loss account for $112,500
b. credit to treasury stock for $90,000
c. credit to a gain account for $112,500

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On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstan...

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