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On June 15, Handel Corporation reacquired 10,000 shares of its $10 par value common stock for $22 per share. Handel uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit

a) Treasury Stock for $100,000

b) Treasury Stock for $220,000

c) Common Stock for $100,000

d) Common Stock for $100,000 and Paid-in Capital in Excess of Par for $120,000

Accounting Basics, Accounting

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  • Reference No.:- M947443

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