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question journal entires asked before but didn 39 t get right answer saturn marine o 4294312

Question

Journal Entires (Asked before but didn't get right answer) Saturn Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $410,000 of net income and the following selected transactions occurred in the order given:

1) Write the following journal entries

A) Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $56 per share.

B) Record the purchase of 26,000 shares of previously issued common stock for a price of $51 per share.

C) Record the re-issuance of 10,500 shares of treasury stock previously purchased for a price of $51 per share and sold for $52 per share.

D) Record the re-issuance of 10,500 shares of treasury stock previously purchased for $51 per share and sold for $50 per share.

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