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Stockholders' Equity Paid-in capital: Common stock, $1 par, 750,000 shares authorized, 60,000 shares issued and...

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Question

Accounting

Stockholders' Equity

Paid-in capital:

Common stock, $1 par, 750,000 shares authorized,

60,000 shares issued and outstanding $60,000

Paid-in capital in excess of par 180,000

Total paid-in capital 240,000

Retained earnings 500,000

Total stockholders' equity $740,000

On December

27 Mid AmericaMid America, Inc., purchased 5 comma 0005,000 shares of treasury stock at $55 per share.

Requirement 1. Journalize the purchase of the treasury stock. (Record debits first, then credits. Exclude explanations from any journal entries.)

Journal Entry

Date

Accounts

Debit

Credit

Dec

31

Answer & Explanation Solved by verified expert
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