ABC Company engaged in the following common stock transactions during the current year: - Issued...
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Accounting
ABC Company engaged in the following common stock transactions during the current year: - Issued 10,000 shares of $1 par common stock for $5 per share. - Reacquired 1,000 shares at $4 per share to hold in treasury. - Reissued 500 treasury shares at $6 per share. Which of the following is a part of the journal entry to record the reissuance of the 500 treasury shares? Assume they use the cost method to account for Treasury Stock. Multiple Choice Debit to Additional Paid-In Capital for $1,000 Debit to Retained Earnings for $1,000 Credit to Additional Paid-In Capital for $1,000 Credit to Retained Earnings for $1,000
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