Business, 14.05.2021 01:00 irlanda20

On January 1, Vermont Corporation had 38,100 shares of $8 par value common stock issued and outstanding. All 38,100 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,090 shares of treasury stock for $28 per share and later sold the treasury shares for $20 per share on March 1. The journal entry, to record the sale of the treasury shares on February 1, would include:

a. debit to a loss account for $112,500
b. credit to Treasury Stock for $90,000
c. credit to a gains account for $112,500

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