8. Porter Corporation holds 10,000 shares of its $10 par common stock as treasury stock, which was purchased in 2013 at a cost of $140,000. On December 10, 2014, Porter sold all 10,000 shares for...

8.

Porter Corporation holds 10,000 shares of its $10 par common stock as treasury stock, which was purchased in 2013 at a cost of $140,000. On December 10, 2014, Porter sold all 10,000 shares for $260,000. Assuming that Porter used the cost method of accounting for treasury stock, this sale would result in a credit to

  Porter Corporation holds 10,000 shares of its $10 par common stock as treasury stock, which was purchased in 2013 at a cost of $140,000. On December 10, 2014, Porter sold all 10,000 shares for $260,000. Assuming that Porter used the cost method of accounting for treasury stock, this sale would result in a credit to