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Prepare the journal entries to record the transactions

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Question - In 2021, Southwestern Corporation completed the treasury stock transactions listed below.

February 2: Reacquired 62,000 shares at $11.20. March 17: Sold 12,000 shares at $13.60. May 17: Sold 17,000 shares at $7.60.

Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.

Required - Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1) February 02, 2021 (Reacquired 62,000 shares at $11.2.)

2) March 17, 2021 (Sold 12,000 shares at $13.6.)

3) March 17, 2021 (Sold 17,000 shares at $7.6.)

Reference no: EM132870300

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