On May 1, 2019 Grant Corp acquired 1,000 shares of its $5 par common stock...
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Accounting
On May 1, 2019 Grant Corp acquired 1,000 shares of its $5 par common stock for $12/share. On May 1, the stock was trading at a market price of $15/share. If Grant uses the cost method to record treasury stock transactions, the journal entry to the reacquisition of the stock should include
Select one:
Debit to treasury stock for 12,000
Debit to treasury stock for 15,000
Credit to common stock for $5,000
Credit to paid in capital treasury stock for $8,000
Debit to treasury stock for $5,000
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