Before a three-for-one stock split, the shares outstanding were 5,000shares 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 Stock—Common (par value) and credit Cash (same).
B. debit Treasury Stock—Common (purchase price) and credit Cash (same).
C. debit Treasury Stock—Common (par value) and debit any difference toPaid-In Capital; credit Cash (purchase price).
D. None of the above