Wildhorse Co. purchased 4,100 shares of its $8 par value common stock for $274,700 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,460 shares of treasury stock for cash at $73 per share. Journalize the two treasury stock transactions.
Date Account Titles and Explanation Debit Credit
Aug. 1 Treasury Stock 277,200
Cash 277,200

Dec. 1 Cash 183,960
Treasury Stock 27,720 Wrong

Paid-in Capital from
Treasury Stock 156,240 Wrong

Agood for which demand increases as income rises is and a good for which demand increases as income falls is

Atax on the sellers of coffee will a. increase the price of coffee paid by buyers, increase the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. b. increase the price of coffee paid by buyers, increase the e ffective price of coffee received by sellers, and decrease the equilibrium quantity of coffee. c. increase the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. d. increa se the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and decrease the equilibrium quantity of coffee.

Perez, inc., applies the equity method for its 25 percent investment in senior, inc. during 2018, perez sold goods with a 40 percent gross profit to senior, which sold all of these goods in 2018. how should perez report the effect of the intra-entity sale on its 2018 income statement?