The House company was organized on July 1, 1985. On December 15, of the current year, it repurchased
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The House company was organized on July 1, 1985. On December 15, of the current year, it repurchased 100,000 shares of its outstanding common stock. At the time ofrepurchase the stock has a par-value of $50. The repurchase price was $53 per share. If House Company uses the cost method in accounting for treasury stock reportingthe journal entry to record this event would be:Question options:
a. (dr)Retained Earnings $5,300,000
(cr)Cash $5,300,000
b. (dr)Treasury Stock $5,300,000
(cr)Cash $5,300,000
c.(dr)Treasury Stock $5,000,000
(dr)A.P.I.C.-Treasury stock $300,000
(cr)Cash $5,300,000
(dr)Retained Earnings $300,000
(dr)Treasury Stock $5,000,000
(cr)Cash $5,300,000
Please know this, C is not the answer
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