Prepare journal entries to record the transactions

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ABC Corporation had the following Balance Sheet:

           Paid-in-Capital:

Common Stock (($4-par, 200,000 shares authorized,

150,000 shares issued and outstanding) …………………….$ 600,000

Paid-in Capital in excess of par………………………………   375,000

            Earned Capital:

Retained Earnings…………………………………………….   365,000

Prepare journal entries to record the following transactions:

a. Purchased 24,000 shares of its own stock for $168,000.

b. Sold 4,000 shares of the Treasury stock for $9 per share.

c. Sold 14,000 shares of the Treasury stock for $6 per share.

 

d. Sold the remaining 6,000 shares of Treasury stock for $7 per share.

Reference no: EM13823307

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