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Knowledge Check 01 Previously, Milad Corporation issued 5,000 shares of $0.05 par value common stock...

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Accounting

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Knowledge Check 01 Previously, Milad Corporation issued 5,000 shares of $0.05 par value common stock for $10 per share. Today, the company repurchased 1,000 shares of its stock for $25 per share. Prepare the appropriate journal entry to record the repurchase of the shares. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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