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At what price per share were the treasury shares reissued

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Problem - Tulip Corporation uses the cost method to account for treasury stock transactions. What journal entry would Tulip make to record the reacquisition of 2,000 shares of its common stock at $12 per share? After the treasury stock transaction, Tulip made the following journal entry when it reissued the treasury shares:

Cash 34,000

Treasury Stock 24,000

Paid-in Capital-Treasury Stock 10,000

Required - At what price per share were the treasury shares reissued?

Reference no: EM132889074

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