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Issue shares, buy back shares, sell treasury stock

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Prepare journal entries for the following transactions:

a. Issue 15,000 shares, selling price is $45 and par value is $1.
b. Buy back 650 shares of outstanding stock at $48 per share.
c. Sell 500 shares of treasury stock at $50 per share.

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The solution explains the journal entries relating to issue shares, buy back shares and sale of treasury stock

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a. Issue 15,000 shares, selling price is $45 and par value is $1.

The total cash received is $675,000. Of this 15,000X$1 will be common stock and the remaining will be paid in capital in ...

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