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12 December, 03:20

On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for $15 per share. On March 1, 2016, Alpha reacquired 1,000 of these shares when they were trading $20 each. September 1, 2016, when the market was soaring, Alpha reissued 500 shares of treasury stock at the going market rate of $25 per share. Use this information to prepare the General Journal entry (without explanation) for September 1.

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  1. 12 December, 03:23
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    Given:

    On January 2, 2016:

    Issued 15,000 shares of $10 par value

    Common stock for $15 per share

    On March 1, 2016: Alpha reacquired 1,000 of these shares when they were trading $20 each.

    On September 1, 2016: Alpha reissued 500 shares of treasury stock at the going market rate of $25 per share.
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