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griffeyjr17
Mar 7, 2007, 02:22 PM
issued a check to a person in the amount of $240 for 25 shares of $10 par value common stock. The stock will be held as treasury stock. What is the journal entry?
bhet
Mar 7, 2007, 05:31 PM
Dr. Treasury stock $240
Cr. Cash $240

Treasury stocks are recorded at aqcuisition cost