Essay
Prepare the journal entries needed for the following transactions occurring during 2016 for Valencia,Inc.:
a)On February 1,2016,Valencia purchased for cash,in the open market,4,000 shares of its own common stock at $40 per share.
b)On July 1,2016,1,600 of the shares purchased on February 1,2016 were sold at $38 per share.
c)On September 1,2016,800 of the shares purchased on February 1,2016 were sold at $41 per share.
Correct Answer:
Verified
Correct Answer:
Verified
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