Long Co Issued 100 000 Shares Of 10 Par Common Stock For 1 200 000 Long Acquired

Long Co. issued 100,000 shares of $10 par common stock for$1,200,000. Long acquired 10,000 shares of its own commonstock at $15 per share. Three months later Long sold 5,000of these shares at $19 per share. If the cost method is usedto record treasury stock transactions, to record the sale ofthe 5,000 treasury shares, Long should credit

 

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