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Prepare journal entry needed for alana to properly record

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On July 8, 2020, Regina Company paid $50 a share to reacquire 500 of the shares issued on February 1, 2020. This is the first time Alana has ever reacquired shares. Alana did not retire these reacquired $10 par value common stock shares.

Problem 1: Prepare the journal entry needed for Alana to properly record this transaction.

Reference no: EM132699175

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