What is the correct journal entry for the following transaction? Airline Express acquired 290 shares of its own $8 par common stock for $21.
A) Debit Treasury Stock-Common for $2,320 and credit Cash for $2,320
B) Debit Treasury Stock-Common for $6,090 and credit Cash for $6,090
C) Debit Cash for $2,320 and credit Treasury Stock-Common for $2,320
D) Debit Cash for $6,090 and credit Treasury Stock-Common for $6,090
Correct Answer:
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