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Abbott Company's December 31, 2019 balance sheet included the following: Common shares, 15,000 shares issued...... $540,000 Contributed surplus - reacquisition of common shares.. 9,800 of

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Abbott Company's December 31, 2019 balance sheet included the following: Common shares, 15,000 shares issued...... $540,000 Contributed surplus - reacquisition of common shares.. 9,800 of On October 7, the company reacquired and cancelled 4,000 shares paying $39 per share. Required: Journalize the October 7 transaction

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