N December 2, Coley Corp. acquired 1,700 shares of its $2 par value common stock for $21 each. On December 20, Coley Corp. resold 1,300 shares for $12 each. Which of the following is correct regarding the journal entry for the resold shares?
Credit Additional Paid-in Capital $7,000
Credit Treasury Stock $20,000
Debit Cash $15,400
Credit Treasury Stock $11,000
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