Fenway Company sells 1,000 shares of treasury stock for $32,000. The shares had been previously acquired for $24,000. The $8,000 received over cost should be credited to
A. an asset account.
B. a paid-in capital account.
C. a revenue account.
D. retained earnings.
Answer:B
Fenway Company sells 1,000 shares of treasury stock for $32,000. The shares had been previously acquired for $24,000. The $8,000 received over cost should be credited to
A. an asset account. B. a paid-in capital account. C. a revenue account. D. retained earnings.