A corporation originally issued $8 par value common stock for $10 per share. It purchased the stock for $13 per share. Which of the following is included in the entry to record the sale of 70 shares of treasury stock for $14 per share?
A) Paid-In Capital From Treasury Stock Transactions is credited for $980.
B) Treasury Stock-Common is credited for $910.
C) Treasury Stock-Common is credited for $980.
D) Paid-In Capital From Treasury Stock Transactions is debited for $70.
B .B)
Cash (70 x $14 ) 980
Treasury Stock—Common (70 x $13 ) 910
Paid-In Capital From Treasury Stock Transactions
(70 x ($14 - $13 )) 70
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