Use the following information to answer the question below. On January 1, 2009, Falcon Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $17 per share. On February 1, 2009, Falcon purchased 1,000 shares of treasury stock for $19 per share and later sold the treasury shares for $26 per share on March 2, 2009
The entry to record the sale of the treasury shares on March 2, 2009 is:
a. Cash 26,000
Common Stock 19,000
Retained Earnings 7,000
b. Cash 24,000
Retained Earnings 2,000
Treasury Stock, Common 26,000
c. Cash 26,000
Treasury Stock, Common 19,000
Gain on Treasury Stock, Common 7,000
d. Cash 26,000
Treasury Stock, Common 19,000
Paid-in Capital, Treasury Stock 7,000
D
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