Marci Company reported the following balances related to common stock as of December 31, 2007: Common stock,

Question:

Marci Company reported the following balances related to as of December 31, 2007:

Common stock, $1 par, 100,000 shares issued and outstanding . . . . . . . . . $ 100,000
Paid-in capital in excess of par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800,000

The company purchased and immediately retired 8,000 shares at $24 on August 1, 2008, and 15,000 shares at $17 on December 31, 2008. Make the entries to record the acquisition and retirement of the . (Assume all shares were originally sold at the same price.)

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...