Camille Sox is preparing the journal entry for the reacquisition of common shares. She believes that the

Question:

Camille Sox is preparing the journal entry for the reacquisition of common shares. She believes that the Common Shares account should be debited for the amount of cash paid for the shares no matter what the average per share amount is. Do you agree with her? If not, explain to Camille the correct way to account for the reacquisition.