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Question
On April 2 a corporation purchased for cash 5,000 shares of its own $10 par common stock at $16 per share. It sold 3,000 of the treasury shares at $19 per share on June 10. The remaining 2,000 shares were sold on November 10 for $12 per share.
a. Journalize the entries for the purchase (treasury stock is recorded at cost).
b. Journalize the entries for the sale of the stock.
Answer
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