At the end of the prior year, Atoka Industries reported the following account balances: Common Stock ($0.01 par value) $ 2,000 Additional Paid-in Capital 1,000,000 Retained Earnings 1,400,000 Treasury Stock 780,000 The treasury stock arose from a purchase of 10,000 shares of common stock for $78 per share. If the 10,000 treasury shares are issued for $50 per share in the current year, what journal entry must be prepared to record the transaction
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