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On July 1, Browning Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 200,000 shares of the treasury stock for cash at $12 per share. The balance in the retained earnings account is $6,345,000.
Instructions: Journalize the two treasury stock transactions.
Date
Account Description
Debit
Credit
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.
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