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On May 1, 2019 Grant Corp acquired 1,000 shares of its $5 par common stock...

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Accounting

On May 1, 2019 Grant Corp acquired 1,000 shares of its $5 par common stock for $12/share. On May 1, the stock was trading at a market price of $15/share. If Grant uses the cost method to record treasury stock transactions, the journal entry to the reacquisition of the stock should include

Select one:

Debit to treasury stock for 12,000

Debit to treasury stock for 15,000

Credit to common stock for $5,000

Credit to paid in capital treasury stock for $8,000

Debit to treasury stock for $5,000

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