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Prepare the journal entry to record the repurchase of shares

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Reference no: EM132595083

Sahali Corp. issued 1,000,000 common shares at $13 a share during April 2014. On September 23, 2020, Sahali repurchased 50,000 shares for $17 a share.

Sahali is incorporated under the CBCA and therefore retired these shares.

Instructions

Question 1: Prepare the journal entry to record the repurchase of the shares.

Reference no: EM132595083

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