Solution-Give the entry to record the reacquisition of the

Give the entry to record the reacquisition of the stock

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Reference no: EM132553116

X Company had outstanding 50,000 shares of $20 stated value common stock, all issued at $24 per share, and had retained earnings of $800,000. The company reacquired 2,000 shares of its stock for cash at book value from the widow of a deceased stockholder.

Question a) Give the entry to record the reacquisition of the stock.

Question b) Give the entry to record the subsequent reissuance of this stock at $50 per share.

Question c) Give the entry required if the stock is instead reissued at $30 per share and there were no prior treasury stock transaction.

Reference no: EM132553116

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Give the entry to record the reacquisition of the stock

Reference no: EM132553116

Reference no: EM132553116

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