Marina, Incorporated, acquires 1 million shares of its own $1 par value common stock at $70 per share. It later resells the 1 million shares of treasury stock for $75. We record the $5 difference per share as a:Multiple Choicecredit to Additional Paid-in Capitalrevenue in the income statementcredit to Common Stockgain in the income statement

A company resells 400 shares of its own common stock for $20 per share. The company had acquired these shares two months before for $15 per share. The resale of this stock would be recorded with a:Multiple ChoiceCredit to Treasury Stock for $8,000.Debit to Common Stock for $8,000.Debit to Additional Paid-in Capital for $2,000.Credit to Additional Paid-in Capital for $2,000.

A company issues 10,000 shares of $0.05 par value common stock for $25 per share. Which of the following is recorded at issuance?Multiple ChoiceCredit Common Stock for $500.Credit Additional Paid-In Capital for $500.Credit Additional Paid-In Capital for $250,000.Credit Common Stock for $250,000.

A company issues 1 million shares of common stock with a par value of $0.11 for $15.90 a share. The entry to record this transaction includes a debit to Cash for:Multiple Choice$110,000 and a credit to Common Stock for $110,000.$15,900,000 and a credit to Common Stock for $15,900,000.$15,900,000, a credit to Common Stock for $110,000, and a credit to Additional Paid-in Capital for $15,790,000.$110,000, a debit to Capital Receivable for $15,790,000, a credit to Common Stock for $110,000, and a credit to Additional Paid-in Capital for $15,790,000.

A company reported the following stockholders’ equity on January 1 of the current year:Common stock–$10 par value, 1,000,000 shares authorized; 270,000 shares issued $ 2,700,000Paid-in capital in excess of par value, common stock 1,280,000Retained earnings 1,695,000Total stockholders’ equity $ 5,675,000Prepare journal entries for the following selected transactions.March 1  Purchased 12,000 shares of its own stock for $25 cash per share.May 5  Sold 6,000 shares of its treasury stock for $25 cash per share.October 12  Sold 4,000 shares of its treasury stock for $26 cash per share.

Delta Corporation acquires 10,000 shares of its own $0.01 par value common stock at $10 per share. It later resells the 10,000 shares of treasury stock for $12. The entry to record this transaction will involve a:Multiple Choicecredit to Treasury Stock for $120,000credit to Additional Paid-in Capital for $20,000debit to Cash for $100,000credit to Common Stock for $100