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Current Attempt in Progress

On September 1, 2020, Coronado Industries reacquired 31800 shares of its $15 par value common stock for $20 per share. Coronado uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit

Common Stock for $477000.

Treasury Stock for $477000.

Common Stock for $477000 and Paid-in Capital in Excess of Par for $159000.

Treasury Stock for $636000.