Cost method is used to record treasury stock transactions

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Reference no: EM131294373

Long Co. issued 100000 shares of $10 part common stock for $1200000. A year later Long acquired 12,000 shares of its own common stock at $15 per share. Three months later Long sold 6,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 6000 treasury share Long should credit. A. Treasury Stock for $60,000 and Paid-in Capital from Treasury Stock for $54,000 B. Treasury Stock for $90,000 and Paid-in Capital from Treasury Stock for $24,000. C.Treasury Stock for $ 114,000 or D. Treasury Stock for $90,000 and Paid-in Capital in Excess of Paris for $24,000

Reference no: EM131294373

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Cost method is used to record treasury stock transactions : Long Co. issued 100000 shares of $10 part common stock for $1200000. A year later Long acquired 12,000 shares of its own common stock at $15 per share. Three months later Long sold 6,000 of these shares at $19 per share. If the cost method is used to..

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