Question: Tulip Corporation uses the cost method to account for treasury stock transactions. What journal entry would Tulip make to record the reacquisition of 2,000 shares

Tulip Corporation uses the cost method to account for treasury stock transactions. What journal entry would Tulip make to record the reacquisition of 2,000 shares of its common stock at $12 per share? Subsequently, what journal entry would Tulip make if it later reissued 500 shares of this treasury stock at $17 per share?

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