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n 2006, Marly Corp. acquired 9,000 shares of its own $1 par value common stock at $18 per share. In 2007, Marly issued 4,000 of
n 2006, Marly Corp. acquired 9,000 shares of its own $1 par value common stock at $18 per share. In 2007, Marly issued 4,000 of these shares at $25 per share. Marly uses the cost method to account for its treasury stock transactions. In order to record the issuance of the 4,000 shares, Treasury Stock, Additional Paid-in Capital, Retained Earnings and Common Stock accounts should be credited, respectively, by:
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