The following data were from taken the records of valencia frutti corpration:
Share capital, 50 PAR 3,000 SHARES AUTHORIZED
1,000 shares issuesd....................50,000
Premium on share capital..............................................................3,000
Retained earnings...............................................................................10,000
REQUIRED:
1. Journal entry record the acquisition of the treasury shares.
2. Journal entry to record the sale of the treasury shares under the three given cases.