Shares authorized and shares issued

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Reference no: EM132036907

Kunze Corporation has $1 par value Common Stock with 100,000 shares authorized and 25,000 shares issued. The journal entry to record Kunze's purchase of 6,000 shares of common stock at $4 per share would be:

A. debit Cash for $ 24,000 credit Common Stock for $6,000 and credit Paid-in Capital in Excess of Parlong dash—Common for $18,000.

B. debit Common Stock for $6,000 debit Paid-in Capital in Excess of Parlong dash—Common for $18,000 and credit Cash for $24,000.

C. debit Common Stock for $24,000 and credit Cash for $24,000.

D. debit Treasury Stock for $ 24,000 and credit Cash for $24,000.

Reference no: EM132036907

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