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A corporation purchased for cash 5000 shares of its own 10

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A corporation purchased for cash 5,000 shares of its own $10 par common stock at $34.00 a share. In the following year, it sold 2,000 of the treasury shares at $38 a share for each.

(a) Journalize the entries to record the purchase (treasury stock is recorded at cost)

(b) Journalize the entries to record the sale of the stock.

 

Reference no: EM13571093

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