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On September 1, 2008, Melnick Company reacquired 12,000 shares of its $10 par value common stock for $15 per share. Melnick uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit

a) Treasury Stock for $120,000.

b) Common Stock for $120,000.

c) Common Stock for $120,000 and Paid-in Capital in Excess of Par for $60,000.

d) Treasury Stock for $180,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948659

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