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Using the cost method of accounting for treasury shares

Knight Corp. holds 20,000 shares of its $10 par value common stock as treasury stock reacquired in Year 1 for $240,000. On December 12, Year3, Knight reissued all 20,000 shares for $380,000.

1. Using the cost method of accounting for treasury shares, prepare the entry to reflect this transaction.

2. What entry would be made if the stock were resold for $150,000?

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Accounting Basics: Using the cost method of accounting for treasury shares

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