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Journalize the treasury stock transactions

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Reference no: EM132221332

Question - Lala corporation has the following stockholders' equity accounts on January 1, 2013:

Commonstock, $10 par value $6,800,000

Paid-in capital in excess of par 400,000

Retained earnings 620,000

Total stockholders' equity $7,820,000

The company uses the cost method to account for treasury stock transactions. During 2013, the following treasury stock transactions occurred:

March 1 Purchased 36,000 shares at $36 per share.

July 1 Sold 10,000 sharesat$39 per share.

Sept 1 Sold 9,500 sharesat$32 per share.

Instructions - Journalize the treasury stock transactions for 2013.

Reference no: EM132221332

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