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Reeves, Inc. had 1,000,000 shares of $45 par common stock outstanding. Jan. 1 Repurchased 1,000 shares of stock at $55 per share Show the journal

Reeves, Inc. had 1,000,000 shares of $45 par common stock outstanding.

Jan. 1 Repurchased 1,000 shares of stock at $55 per share

Show the journal entriy to record the transaction.

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