Question: For the cost and par value methods, prepare journal entry examples of each using the following information: 1000 shares of $5 par stock were sold

For the cost and par value methods, prepare journal entry examples of each using the following information:

1000 shares of $5 par stock were sold for $7.

500 shares were repurchased at a price of $6.

The 500 shares were later sold for $3500.

For the constructive retirement method prepare the following journal entry:

The shares were retired.

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