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On July 1, Browning Corporation bought 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share. The balance in the retained earnings account is $6,345,000.

Instructions:

Journalize the two treasury stock transactions.

Accounting Basics, Accounting

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  • Reference No.:- M920112

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