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Concord Corporation acquired 21200 shares of its own common stock at $22 per share on February 5, 2017, and sold 10600 of these shares at $29 per share on August 9, 2018. The fair value of Concord's common stock was $26 per share at December 31, 2017, and $27 per share at December 31, 2018. The cost method is used to record treasury stock transactions. What account(s) should Concord credit in 2018 to record the sale of 10600 shares

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tanseershar

Answer:

in 2018, treasury stock-common and paid in capital on treasury stock will be credited by following amounts.

Explanation:

Feb 5,2017

Treasury Stock           21,200*22              Dr.$466,400

Cash                                                           Cr.$466,400

August 9,2018

Cash 10,600*29                 Dr.$307,400

Treasury Stock-common Stock 10,600*22  Cr.$233,200

Paid in Capital-Treasury Stock   10,600*(29-22)    $74,200

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