Transactions of a company in general journal form for common stock
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Transactions of a company in general journal form:
(a) Reacquired 8,000 of its own $10 par value common stock at $40 cash per share.
The stock was originally issued at $15 per share.
(b) Sold 2,000 shares of the stock reacquired under part (a) at $43 cash per share.
(c) Sold 3,000 shares of the stock reacquired under part (a) at $39 cash per share.
What is the difference between reaquired stock and the initially purchased stock?
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Solution Summary
The solution examines transactions for company general journal form for a common stock.
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Transaction a
Treasury Stock 320,000
Cash 320,000
Transaction b
Cash 86,000
Treasury Stock 80,000
APIC - ...
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