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Prepare the appropriate journal entries

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Reference no: EM13513134

GX Corp. has common stock ($50 par), 12,000 shares outstanding, and a retained earnings account with a deficit of $200,000. There are no other paid-in capital accounts.

A quasi-reorganization was approved that reduced the par to $25, wrote down plant assets by $65,000, and eliminated the deficit. Prepare the appropriate journal entries.

Reference no: EM13513134

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