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Flounder Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 20,500 shares issued Paid-in capital in excess of
Flounder Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 20,500 shares issued Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity $102,500 304,000 321,000 $727,500 During 2020, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18 Apr. 22 Flounder repurchased 1,950 shares of treasury stock at a price of $18 per share. 720 shares of treasury stock repurchased above were reissued at $16 per share. 520 shares of treasury stock repurchased above were reissued at $14 per share. 580 shares of treasury stock repurchased above were reissued at $19 per share. (a) Prepare the journal entries to record the treasury stock transactions in 2020, assuming Flounder uses the cost method. (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 Credit Debit Mar. 1 Mar. 18
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