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On April 2 a corporation purchased for cash 5,000 shares of its own $14 par common stock at $29 per share. It sold 3,000 of
On April 2 a corporation purchased for cash 5,000 shares of its own $14 par common stock at $29 per share. It sold 3,000 of the treasury shares at $32 per share on June 10. The remaining 2,000 shares were sold on November 10 for $25 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 Treasury Stock 145,000 Cash 145,000 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Cash 96,000 Treasury Stock 87,000 Paid-In Capital from Sale of Treasury Stock 9,000 50,000 Nov. 10 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock 8,000 58,000
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