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  3. on march 15, advance company acquired 25,000 share

On March 15, Advance Company acquired 25,000 shares of its own $1 par value common...

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Accounting

On March 15, Advance Company acquired 25,000 shares of its own $1 par value common shares at a cost of $20 per share. Advance had originally issued the shares at $14 per share. On July 5, Advance retired all of the shares (rather than holding shares in the treasury and reissuing them). Prepare the journal entries to record the acquisition and retirement of the treasury shares. Assume that the par value of additional paid-in capital - retired shares is $0.(Record debits first, then credits. Exclude explanations from any journal entries.)
March 15: Advance acquired 25,000 shares of common stock to be held in the treasury at a cost of $20 per share.
\table[[Account,,],[,,],[,,],[,,]]
July 5: Advance retired all of the shares.
\table[[Account,,],[,,]]
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