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Prepare the journal entry to record the repurchase of shares

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Reference no: EM132935536

Sahali Corp. issued 1,000,000 common shares at $7 a share during April Year 1. On September 23, Year 7, Sahali repurchased 50,000 shares for $13 a share.

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

Instructions

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

Reference no: EM132935536

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