The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January 20. The stock has $1 par value, and the market value per share of common stock on January 20 is $8.75....

The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January 20. The stock has $1 par value, and the market value per share of common stock on January 20 is $8.75. What account(s) and amount(s) would be debited in the required journal entry?

Group of answer choices

A)Treasury stock $87,500

b)Treasury stock $10,000

c)Treasury stock $10,000 and additional paid-in capital-treasury stock $77,500

d)Cash $87,500

E)None of the above

Jun 11, 2022

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The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January 20. The stock has $1 par value, and the market value per share of common stock on January 20 is $8.75....

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