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On September 5, Bertolli Corporation Acquired 2,500 of Its Own

Question 328

Essay

On September 5, Bertolli Corporation acquired 2,500 of its own $1 par ordinary shares for $24 per share. On October 15, 1,000 treasury shares are sold for $25 per share.
Instructions
Journalize the purchase and sale of the treasury shares assuming that the company uses the cost method.

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