(Answered) Question - on 7012016 waters beverage company purchased

Accounting

Question - On 7/01/2016, Waters Beverage Company purchased 5,000 of its own common stock at $12 each. The par value of the stock is $3 each and the issue price was $10 each. On 1/01/2017, the company sold 4,000 of the treasury stock for cash to its workers at $13 a share.

Prepare the journal to record both the initial purchase of the treasury stock and the later sale to the workers.

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