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question refer to the following information for petra sales company common stock 1 0 4291397

Question

Refer to the following information for Petra Sales Company: Common stock, $1.00 par, 200,000 issued, 180,000 outstanding Paid-in capital in excess of par: $1,600,000 Retained earnings: $2,440,000 Treasury stock: 20,000 shares purchased at $12 per share If Petra Sales sells 10,000 shares of treasury stock at $14 per share, what journal entry will be made? Debit Cash $140,000 and credit Treasury slock $140,000. Debit Cash $140,000, credit Treasury stock $120,000 and credit Paid-in capital $20,000. Debit Treasury stock $140,000 and credit Cash $140,000. Debit Cash $140,000, credit Treasury stock $120,000 and credit Gain on sale of treasury stock $20,000.

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