Solved: How to record the reacquisition of shares, Accounting Basics

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How to record the reacquisition of shares

Response to the following problem:

Tulip Corporation uses the cost method to account for treasury stock transactions. What journal entry would Tulip make to record the reacquisition of 2,000 shares of its common stock at $12 per share? Subsequently, what journal entry would Tulip make if it later reissued 500 shares of this treasury stock at $17 per share?

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Accounting Basics: How to record the reacquisition of shares

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Accounting Basics: How to record the reacquisition of shares

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