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Evert Company recently acquired 5,000 shares of its $2 par value common stock for $10 per share. Evert initially issued the stock for $7.50 per share.
Required:
Problem 1: Assuming the shares were purchased as treasury shares, prepare the necessary journal entry to record the purchase of the 5,000 shares.
Problem 2: Continuing with the assumption that the shares were purchased as treasury shares, prepare the journal entry to record the sale of 2,500 shares of the treasury stock for $11.50 per share. Continuing with the assumption that the shares were purchased as treasury shares, prepare the journal entry to record the subsequent sale of 2,000 shares of treasury stock for $9.75 per share. Assuming the shares were purchased and retired, prepare the journal entry to record the retirement of the shares.
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