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XYZ Company issued 10,000 shares of $1 par value common stock at a price of $20...

XYZ Company issued 10,000 shares of $1 par value common stock at a price of $20 per share. On Jan. 1, XYZ buys back 1,000 of its shares at $22 per share. On Jan. 15, XYZ sells 100 treasury shares at $25 per share. Please write the necessary journal entries for Jan. 1 and Jan. 15.

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Answer #1
Jan. 1 Treasury stcok $22,000 (1,000*$22)
Cash $22,000
Jan. 15 Cash $2,500 (100*$25)
Treasury stock $2,200 (100*$22)
Additional paid in capital - Treasury stcok $300
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