Question: On January 1 0 , 2 0 2 2 , General Design Services purchased treasury stock at a cost of $ 2 9 million. On
On January General Design Services purchased treasury stock at a cost of $ million. On July General resold some of the treasury stock for $ million; this resold treasury stock
had cost the company $ million.
Record the purchase and resale of General's treasury stock. Overall, how much did stockholders' equity increase or decrease as a result of the two treasurystock transactions?
Record the purchase and resale of General's treasury stock. Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the
problem statement.
First, record the purchase of the treasury stock.
Journal Entry
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