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Prepare the journal entry to record the reacquisition

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Reference no: EM132880158

Problem - Advance Medical Imaging, Inc. reacquired 2,000 shares of its $5 par common stock at $12 a share. The stock originally sold for $10 a share.

Required: Using the cost method

a. Prepare the journal entry to record the reacquisition.

b. Prepare the journal entry to record the reissuance of 500 shares at $15 a share.

c. Prepare the journal entry to record the reissuance of 1,000 shares at $10 a share.

d. Prepare the journal entry to record the retirement of the remaining 500 shares.

Reference no: EM132880158

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