100,000 shares of $10 par common stock for $1,200,000. A year later Lily acquired 16,000 shares of its own common stock at $30 per share. Three months later Lily sold 8,000 of these shares at $38 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8,000 treasury shares, Lily should credit:

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan