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Accounting and Financial Reporting II Prepare any necessary journal entries for the following transactions: On May 15, the corporation purchases 1,000 shares of its own

Accounting and Financial Reporting II

Prepare any necessary journal entries for the following transactions:

On May 15, the corporation purchases 1,000 shares of its own common stock for $25 per share. The stock has a par value of $5 per share.

On November 15, the company sells 500 shares of the treasury stock for $30 per share.

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