Business, 05.05.2020 04:11 prelogical

On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares has been issued in a prior period at $20.00 per share. On February 1, Vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a. debit to a loss account for $112,500 b. debit to Treasury Stock for $90,000 c. credit to a gain account for $112,500 d. credit to Treasury Stock for $90,000

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On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and outstan...