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It will hold the shares in the treasury until resold on

Santa Anita Inc. purchases 3,000 shares of its $50 par value common stock for $180,000 cash on July 1. It will hold the shares in the treasury until resold. On November 1, the corporation sells 1,000 shares of treasury stock for cash at $70 per share. Journalize the treasury stock transactions.

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Accounting Basics: It will hold the shares in the treasury until resold on

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Accounting Basics: It will hold the shares in the treasury until resold on

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