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Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Wild Bill Corporation repurchases 950 shares of its outstanding common stock for $9
Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Wild Bill Corporation repurchases 950 shares of its outstanding common stock for $9 per share. On March 1, 2019, Wild Bill sells 350 shares of treasury stock for $12 per share. On May 10, 2019, Wild Bill sells the remaining 600 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 (Record purchase of treasury shares) Mar. 1 III 1100 I III III (Record reissue of treasury shares) May 10 (Record reissue of treasury shares)
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