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What amount should baker report as treasury stock gain

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Reference no: EM132773712

Problem 1: Baker Co. issued 100,000 shares of common stock in the current year. On October 1, Baker repurchased 20,000 shares of its common stock on the open market for $50 per share. At that date, the stock's par value was $1, and the average issue price was $40 per share. Baker uses the cost method for treasury stock transactions. On December 1, Baker reissued the stock for $60 per share. What amount should Baker report as treasury stock gain at December 31?

A. $0

B. $200,000

C. $400,000

D. $980,000

Reference no: EM132773712

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