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Your answer is partially correct. Try again. Fouts Corporation purchased 4,200 shares of its $11 par value common stock for $277,200 on August 1. It

Your answer is partially correct. Try again.

Fouts Corporation purchased 4,200 shares of its $11 par value common stock for $277,200 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,520 shares of treasury stock for cash at $73 per share. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

image text in transcribed Aug. 1

image text in transcribedTreasury Stock

image text in transcribed277,200

image text in transcribed

Cash

image text in transcribed

image text in transcribed277,200

image text in transcribed Dec. 1

image text in transcribedCash

183,960image text in transcribed

image text in transcribed

image text in transcribed Treasury Stock

image text in transcribed

image text in transcribed27,720 WRONG

Paid-in Capital from Treasury Stockimage text in transcribed

image text in transcribed

156,240 WRONGimage text in transcribed

I cannot figure out the credit amounts for December 1st Treasury Stock and Paid-in Capital from Treasury Stock. I tried multiplying the shares from December 1st with the price on August 1st because that's what I saw other questions like this doing, but I still could not get the correct answer.

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