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Record the correct entry on February

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Question - On January 2, 2020, Zapp Company has the following:

Common Stock ($5 par value, 20,000 shares issued) $100,000

Paid-in capital in excess of par-C.S. 50,000

Paid-in capital from treasury stock 1,500

Retained Earnings 200,000

Treasury stock (1000 shares at cost) 5,000

On February 1, 2020, Zapp Company reissues 600 shares of treasury stock for $2 per share. Record the correct entry on February 1 assuming the cost method was used to account for the treasury stock.

Reference no: EM132526365

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