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Use the following information to answer questions 6 and 7. This information was taken from the 12/31 annual report of Jones Inc. 2010 2009 $350,000
Use the following information to answer questions 6 and 7. This information was taken from the 12/31 annual report of Jones Inc. 2010 2009 $350,000 10,200 $280,000 11,100 BALANCE SHEET Retained Earnings Common Stock, at par- 80,000 shares authorized; 35,000 issued as of 12/31/2010; 34,000 issued as of 12/31/2009 APIC - C/S APIC T/S Treasury Stock, 6,000 shares as of 12/31/2010; 7,000 as of 12/31/2009 Total Equity 150,200 6,000 (54,000) $462,400 140,800 3,000 (66,000) $368,900 NOTE: No stock repurchases (treasury stock) were made in 2010. 6. What were Jones Inc.'s proceeds (the debit to cash) from the reissuance of treasury stock in 2010? 7. If in 2011 (the next year) they reissued 2,000 treasury shares for $5 per share, with and original cost of $9 per share, the journal entry would include one of the following
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