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What account should be debited for a corporation

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Problem 1: Assume a corporation has no contributed surplus booked. When shares are reacquired at a cost greater than their original issue price and cancelled, what account(s) should be debited?

Select one:

a. The share account for the total cost.

b. The share account for the original issue price and contributed surplus for the difference.

c. The share account for the average per share amount and retained earnings for the difference.

d. The share account for the average per share amount and a loss account for the addifference.

e. none of the above.

Reference no: EM132973136

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