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Problem 1: Entity A reacquires 10,000 of its own shares for $50. The shares have par value of $10 and were originally issued at $15 per share. Subsequently, Entity A reissues the10,000 shares at $48 per share .The journal entry to record the reissuance involves which of the following?
A. Debit to RETAINED EARNINGS FOR $20,000
B. Credit to CASH for 480,000
C. Debit to SHARE PREMIUM for $50,000
D. Debit to TREASURY SHARES for $500,000
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