On October 1, 2017, Adoll Company acquired 2,900 shares of its $1 par value stock for $35 per share and held these shares in treasury. On March 1, 2019, Adoll resold all the treasury shares for $31 per share. Which of the following entries would be recorded when Adoll Company resells the shares of treasury stock?
a.
Cash Additional 89,900
Paid-in capital Common Stock 11,600
Common Stock 101,500
b.
Cash 89,900
Loss on sale of treasury stock 11,600
Treasury Stock 101,500
c.
Cash 89,900
Additional paid-in capital 11,600
Treasury Stock 101,500
d.
Cash 89,900
Common Stock 2,900
Additional paid-in capital 87,000
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Home » Business » On October 1, 2017, Adoll Company acquired 2,900 shares of its $1 par value stock for $35 per share and held these shares in treasury. On March 1, 2019, Adoll resold all the treasury shares for $31 per share.