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Suppose a company has the following share transactions: January 1: Issued 300,000 NO PAR Ordinary Shares. Issue Price = $5. February 1: Repurchased 20,000 Ordinary

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Suppose a company has the following share transactions: January 1: Issued 300,000 NO PAR Ordinary Shares. Issue Price = $5. February 1: Repurchased 20,000 Ordinary shares at $5 each. The Journal Entry required on February 1 is: Select one: a. Debit: Treasury Shares, $100,000. Credit: Cash, $100,000. b. Debit: Treasury Shares, $200,000. Credit: Cash, $200,000. c. Debit: Cash, $200,000. Credit: Treasury Shares, $200,000. d. Debit: Cash, $100,000. Credit: Treasury Shares, $100,000. e. None of these answers

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