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Nanjing Ltd. purchased from its shareholders 5,000 shares of its own previously issued shares for ¥250,000. It later resold 1,300 shares for ¥54 per share, then 2,000 more shares for ¥49 per share, and ? nally 1,700 shares for ¥40 per share.
Instructions
Question 1: Prepare journal entries for the purchase of the treasury shares and the three sales of treasury shares (Journalize treasury share transactions)
$300 of merchandise received from PW Co. is damaged, Sauk returns the goods. What entry is written to recognize the return?
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