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ABC Corp. has 7,500 ordinary shares in its treasury with par value of $100 and...

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Accounting

ABC Corp. has 7,500 ordinary shares in its treasury with par value of $100 and cost of $120. The shares were originally issued for $110 per share. The account "Share premium- Treasury" had a balance of $30,000. At the end of 2018, ABC Corp. decided to retire its treasury shares . What will be the transaction for retirement?

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