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Cotton Manufacturing paid $50,000 to buy 3,000 shares of its $5 par value common stock for the treasury. The stock was originally sold for
Cotton Manufacturing paid $50,000 to buy 3,000 shares of its $5 par value common stock for the treasury. The stock was originally sold for $36,000. The entry to record the purchase includes a debit to Treasury Stock for $50,000. debit to Treasury Stock for $36,000. credit to Common Stock for $36,000. credit to Treasury Stock for $14,000.
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