Rakish Co. purchases 3,500 shares of the company's $6 par value common stock for $8 per share. It later sells 2,000 shares for $12 per share. Please provide the journal entry for the sale of the treasury stock.
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Question

Rakish Co. purchases 3,500 shares of the company's $6 par value common stock for $8 per share. It later sells 2,000 shares for $12 per share. Please provide the journal entry for the sale of the treasury stock.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad&\quad\quad\quad\quad &\quad\quad\quad \
\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Rakish Co. purchases 3,500 shares of the company's $6 par value common stock for $8 per share. It later sells 2,000 shares for $12 per share. Please provide the journal entry for the sale of the treasury stock.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad&\quad\quad\quad\quad &\quad\quad\quad \
\hline & & \
\hline
\end{array}$$

Rakish Co Purchases 3,500 Shares of the Company's $6 Par Value