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Toluca Inc. repurchased 1,000 common shares, paying cash of $12.00 per share on April 16, 2020. The shares were originally issued for $5.00 per share.

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Toluca Inc. repurchased 1,000 common shares, paying cash of $12.00 per share on April 16, 2020. The shares were originally issued for $5.00 per share. Journalize the transaction. An explanation is not required. Record the repurchase of the common shares. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Credit Apr. 16

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