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TK Co. repurchased 5,000 shares of $1 par common stock for a total of $500,000. The original selling price of these shares when they were
TK Co. repurchased 5,000 shares of $1 par common stock for a total of $500,000. The original selling price of these shares when they were initially issued was $10. Which ONE of the following should be included in the journal entry necessary to record the repurchase of these shares?
A. DEBIT Paid-in Capital in Excess of Par for $500,000 | ||
B. DEBIT Cash for $500,000 | ||
C. DEBIT Treasury Stock for $500,000 | ||
D. DEBIT Common Stock at Par for $500,000 | ||
E. DEBIT Retained Earnings for $500,000 |
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