At the start of 20X1, a company had 10,000 shares of $1 par common stock issued and outstanding. All 10,000 shares had been issued in the prior year for $5 per share. On March 4, 20X1, this company repurchased 2,000 shares of its own stock for $4 per share. It plans to reissue these shares at a future time. Required:

 Record the March 4 journal entry

Answer rating: 100% (QA)

The journal entry for the repurchase of shares also known as treasury stock would ... View the full answer