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During 2010 East copr. Had the following transactions in their $10 par value common stock:
1. issued 10,000 shares of common stock for $30 per share
2. Reacquired 1,000 shares of its common stock for $28 per share.
3. Reissued 600 shares of the treasury stock for $30 per share.
4. Reissued 300 shares of the treasury stock for $21 per share
5. Retired the remaining 100 shares of treasury stock.

prepare journal entries for the transactions above, assuming the company uses the cost method of recording treasury stock transactions.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940046

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