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On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 a share. It sold 4,000 of
On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 a share. It sold 4,000 of the treasury shares at $31 a share on June 10. The remaining 3,000 shares were sold on November 10 for $24 a share.
Required: | |
(a) | Journalize the entries to record the purchase (treasury stock is recorded at cost). |
(b) | Journalize the entries to record the sale of the stock. |
*Refer to the Chart of Accounts for exact wording of account titles. |
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