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The Habitat Corporation issued common shares for $35 each. Two years later, on June 10, 200 shares were repurchased and retired at a cost of
The Habitat Corporation issued common shares for $35 each. Two years later, on June 10, 200 shares were repurchased and retired at a cost of $60 each. The company has $8,000 in contributed capital from the previous retirement of common shares. Present the general journal entry to record the June 10 transaction.
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