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What journal entry to record the sale would include

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Problem 1: Orange company paid $550,000 to buy back 50,000 shares of its 0.50 par per value common stock. Two months later orange company sold 25,000 of those shares at a selling price of $14 per share. The journal entry to record the sale would include

1. Credit to treasury stock of $350,000
2. Credit to common stock of $12,500
3. Credit to paid in capital from treasury stock transactions $75,000
4. Credit to paid in capital from treasury stock transactions $150,000

 

Reference no: EM132873780

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