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A corporation purchased for cash 5,000 shares of its own $10 par common stock at $25 a share. In the following year, it sold 2,000 of the treasury shares at $28 a share for cash.
(a) Journalize the entries to record the purchase (treasury stock is recorded at cost).
(b) Journalize the entries to record the sale of the stock.
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a)
Debit Treasury Stock, Common $125000
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