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  3. arsenal fc's balance sheet shows: common stock,

Arsenal FC's balance sheet shows: Common stock, $1 par $5,000,000 Paid-in...

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Accounting

Arsenal FC's balance sheet shows:
Common stock, $1 par $5,000,000
Paid-in capital in excess of par ,36,000,000
Paid-in capital - Share repurchases ,200,000
Retained earnings 3,800,000
Transactions impacting Equity for the period:
(a) Repurchased 70,000 shares of its common stock at $124 a share.
(b) Reissued 20,000 treasury shares at $93 a share.
(c) Reissued 30,000 treasury shares at $108 a share.
(d) Reissued 10,000 treasury shares at $128 a share.
(e) Repurchased 50,000 shares of common stock at $105.
Required:
Write the journal entries for a-e using the Cost(Treasury) Method.
What is the balance of Treasury Stock, PIC-SR, and R/E after these events?
Write the journal entries for a-e using the Retirement method.
What is the balance of Treasury Stock, PIC-SR, and R/E after these events?
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