Reference no: EM132684724
Problem 1: Manley Company repurchases 10,000 shares of its $0.10 par value common stock for $30 per share on June 30, 2020. On November 5, 2020, Manley reissues 6,000 of these shares for $35 per share. What journal entry does Manley make on November 5?
Option 1: Dr. Cash 210,000
Cr. Treasury Stock 600
Cr. Additional Paid in Capital 209,400
Option 2: Dr. Cash 210,000
Cr. Treasury Stock 180,000
Cr. Additional Paid in Capital 30,000
Option 3: Dr. Cash 210,000
Cr. Common Stock 600
Cr. Additional Paid in Capital 209,400
Option 4: Dr. Cash 210,000
Cr. Common Stock 180,000
Cr. Additional Paid in Capital 30,000