(Answered) Question - on 9012016 holman distributors company purchased

Accounting

Question - On 9/01/2016, Holman Distributors Company purchased 3,000 of its own common stock for $9 each. The par value of the stock is $3 each and the issue price was $6 each. On 1/01/2017, the company sold 2,000 of the treasury stock for cash to its workers at $7 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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