Slater Roofing Company originally issued 6,000 shares of $10 par value common stock for $180,000...
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Accounting
Slater Roofing Company originally issued 6,000 shares of $10 par value common stock for $180,000 ($30 per share). Slater subsequently purchases 600 shares of treasury stock for $27 per share and resells the 600 shares of treasury stock for $29 per share. In the entry to record the sale of the treasury stock, there will be a:
A. credit to Paid-In Capital from Treasury Stock for $1,200.
B. credit to Treasury Stock for $6,000.
C. debit to Paid-In Capital in Excess of Par of $18,000.
D. credit to Common Stock for $16,200.
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