Before a three-for-one stock split, the shares outstanding were 5,000 shares at $12 par. After the split, what was the par and number of shares?
A. 15,000 shares at $12 per share
B. 20,000 shares at $6 per share
C. 15,000 shares at $4 per share
D. 5,000 shares at $48 per share
To record the purchase of treasury stock,
A. debit Treasury Stockâ€”Common (par value) and credit Cash (same).
B. debit Treasury Stockâ€”Common (purchase price) and credit Cash (same).
C. debit Treasury Stockâ€”Common (par value) and debit any difference to Paid-In Capital; credit Cash (purchase price).
D. None of the above
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