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The Vernon Corporation was formed on January 2, 2014. The company sold 20,000 shares of $8.00 par value stock for $20.00 per share. On July 1, 2014, Vernon bought back 4,000 shares of stock for $24.00 per share. The treasury stock was resold on September 1, 2014 for $32.00 per share.
Which one of the following is the correct entry to record the sale of treasury stock?
DR Cash 128,000 CR Common stock 128,000
DR Cash 128,000 CR Treasury stock 96,000 CR Paid in capital in excess of par 32,000
DR Cash 128,000 CR Treasury stock 96,000 CR Gain on sale of treasury stock 32,000
DR Cash 128,000 CR Treasury stock 96,000 CR Retained earnings 32,000
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