question cm inc purchased 1000 shares of their own stock on the openmarket the stock 4286423
Question
CM Inc. purchased 1000 shares of their own stock on the openmarket. The stock had a par value of $1 and was purchased at aprice of $ 100 per share. Six months later, CM Inc. resold 500 ofthose shares for $ 90 each. What is the journal entry to record thesale of the 500 shares (assuming there is no balance in theTreasury Stock (T/S) Additional Paid in capital account at the timeit was resold)?
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