Homework Answers
Journal entry :
| Date | Description | Debit | credit |
| 1 | Cash (1000*54) | 54000 | |
| Common stock (1000*15) | 15000 | ||
| Paid in capital in excess of par value | 39000 | ||
| 2 | Equipment | 24000 | |
| Common stock | 24000 | ||
| 3 | Treasury stock (26*100) | 2600 | |
| Cash | 2600 | ||
| 4 | Cash (29*100) | 2900 | |
| Treasuy stock | 2600 | ||
| Paid in capital from sale of treasury stock | 300 | ||
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