On july 1 browning corporation purchases 550000 shares of

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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

Reference no: EM13485321

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