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Additional Exercise 284 On January 1, 2015, the stockholders' equity section of Nance Corporation shows: Common stock ($5 par value) retained earnings $1,200,000. During the
Additional Exercise 284 On January 1, 2015, the stockholders' equity section of Nance Corporation shows: Common stock ($5 par value) retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. 1,500,000; paid-in capital in excess of par value $1,000,000; and Mar. 1 Purchased 30,000 shares for cash at $22 per share July 1 Sold 6,000 treasury shares for cash at $27 per share Sept. 1 Sold 5,000 treasury shares for cash at $19 per share. Journalize the treasury stock transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Mar. 1 Debit Credit July 1 Sept. 1 Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Sept. 1 Debit Credit
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