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Journal entry record the acquisition of the treasury shares

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Reference no: EM131803312

The following data were from taken the records of valencia frutti corpration:

Share capital, 50 PAR 3,000 SHARES AUTHORIZED

1,000 shares issuesd....................50,000

Premium on share capital..............................................................3,000

Retained earnings...............................................................................10,000

REQUIRED:

1. Journal entry record the acquisition of the treasury shares.

2. Journal entry to record the sale of the treasury shares under the three given cases.

Reference no: EM131803312

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