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VAP Company's balance sheet shows: Common stock, $20 par $4,000,000 Paid-in capital in excess of...

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Accounting

VAP Company's balance sheet shows:

Common stock, $20 par $4,000,000

Paid-in capital in excess of par 1,000,000

Retained earnings 800,000

Prepare journal entries to record the following transactions using the cost method.

(a) Bought 10,000 treasury shares of its own common stock at $30 a share.

(b) Sold 2,000 treasury shares at $31 a share.

(c) Sold 1,000 shares of treasury stock at $27 a share.

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