During the year johnson co repurchased 100 shares of its


During the year Johnson Co. repurchased 100 shares of its common stock and subsequently resold those shares at an amount that was $7.00 per share greater than the price paid for the shares. Tell the controller of Johnson Co. how she should treat the gain on the sale of the stock.

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Accounting Basics: During the year johnson co repurchased 100 shares of its
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