Denny's Deli, Inc The stockholders' equity section of the December 31, 2011, balance sheet for Denny's Deli appeared as follows: Common stock, $20 par, 40,000 shares issued and outstanding $ 800,000 Additional paid-in capital 320,000 Retained earnings 600,000 Total stockholders' equity $ 1,720,000 Assume that all of the 40,000 shares of Denny's stock that was issued as of December 31, 2011, was
issued for $35 per share. On March 1, 2012, Denny reacquired 5,000 shares of its common stock for $43 per share. Refer to the information presented above for Denny's Deli, Inc Suppose that Denny reissued 1,500 shares of its treasury stock on June 1, 2012, for $50 each. Which of the following is true regarding the entry required to record this transaction?
A) A debit to treasury stock is required for $64,500.
B) A credit to treasury stock is required for $49,000.
C) A debit to cash is required for $75,000.
D) A debit to additional paid-in capital from treasury stock transactions is required for $10,500.
C
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