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(please fast !!) Johnston, Inc., engaged in the following transactions involving treasury stock. Feb. 10 Purchased for cash 17,000 shares of treasury stock at a
(please fast !!)
Johnston, Inc., engaged in the following transactions involving treasury stock.
Feb. | 10 | Purchased for cash 17,000 shares of treasury stock at a price of $31 per share. | |
June | 4 | Reissued 6,000 shares of treasury stock at a price of $45 per share. | |
Dec. | 22 | Reissued 4,000 shares of treasury stock at a price of $22 per share. |
a. Prepare general journal entries to record these transactions.
b. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31
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