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On January 1, 2022, the stockholders' equity section of Flounder Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,010,000;
On January 1, 2022, the stockholders' equity section of Flounder Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,010,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 49,000 shares for cash at $15 per share. July 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 10,500 treasury shares for cash at $14 per share. (a) Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. )
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