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Exercise 177 a-b On January 1, 2020, the stockholders' equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1,500,000; paldin capital in excess

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Exercise 177 a-b On January 1, 2020, the stockholders' equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1,500,000; paldin capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mur 1 Purchased 30,000 shares for cash at $20 per share. July 1 Sold 6,000 treasury shares for cash at $27 per share. Sept. 1 sold 5,000 treasury shares for cash a $19 per share. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit act titles are awatially Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Sept. 1 WHERE Sept. 1 Restate the entry for September 1, wing the treasury shares were sold at $10 per share (Cedit account titles are automatically indented when amount is entered Do noindent manually Date Account Titles and Explanation Debit Credit Sept. 1 Click if you would like to Show Work for this

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