Seven Corporation originally issued its common shares at $35 per share.
(1)Prepare a journal entry to record the purchase and retirement of 500 shares if Seven Corporation paid $30 per share.The company has a retained earnings balance of $50,000.
(2)Prepare a journal entry to record the purchase and retirement of 500 shares if Seven Corporation paid $40 per share.

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The Answer of Seven Corporation originally issued its common shares at $35 per share.
(1)Prepare a journal entry to record the purchase and retirement of 500 shares if Seven Corporation paid $30 per share.The company has a retained earnings balance of $50,000.
(2)Prepare a journal entry to record the purchase and retirement of 500 shares if Seven Corporation paid $40 per share.

Seven Corporation Originally Issued Its Common Shares at $35 Per