微信扫一扫
实时资讯全掌握
During 2007, Topeka Corporation entered into the following transactions:
Transaction #1 – Interest on a certificate of deposit owned by Topeka was credited to Topeka’s investment account. Transaction #2 – Topeka sold 10,000 shares of common stock at $30 that had been repurchased by Topeka last year for $20.Should Topeka recognize the results of these transactions as income on the income statement for the year ended December 31, 2007? A. Neither should be recognized. B. Only one should be recognized. C. Both should be recognized. |