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Help soon please! On April 1, 2020, Bailey Inc. purchased 500 shares of its own $10 par value common stock for $20,000. On July 30,
Help soon please!
On April 1, 2020, Bailey Inc. purchased 500 shares of its own $10 par value common stock for $20,000. On July 30, 2020, Bailey sold 150 of these treasury shares for $12,600 cash. The journal entry to record the sale includes a:
Select one:
a. $6,600 credit to Gain on Sale of Treasury Stock
b. $20,000 credit to Treasury Stock
c. $6,600 credit to Paid-in Capital from Treasury Stock
d. $6,000 credit to Paid-in Capital from Treasury Stock
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