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Lowell Corporation purchased 500 shares of its own $5 par value common stock for $8,000 and recorded them as Treasury shares. Later, the Treasury shares
Lowell Corporation purchased 500 shares of its own $5 par value common stock for $8,000 and recorded them as Treasury shares. Later, the Treasury shares were reissued in exchange for $9,000 cash. The entry to record the reissue of the Treasury shares would include:
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