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Determine total equity as a result of this transaction

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Reference no: EM132841765

Question - On 31/12/2020 x Company had 120,000 issued and outstanding ordinary shares with a par value $10 per share, retained earnings $800,000 and treasury shares $240,000 (20,000 shares at cost /share $12).

On 1/1/2021 the following transaction occurred on treasury shares: Sold 8000 shares from treasury at $16 per share.

Required -

1. Make journal entry to record the transaction on 1/1/2021?

2. Determine total equity as a result of this transaction?

Reference no: EM132841765

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