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At the start of 20X5, Douglas Corp. had 10,000 shares of $1 par common stock...

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Accounting

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At the start of 20X5, Douglas Corp. had 10,000 shares of $1 par common stock issued and outstanding. All 10,000 shares had been issued in the prior year for $30 per share. On February 1, 20X5, Douglas repurchased 1,000 shares of its own stock for $25 per share. It plans to reissue these shares at a future time. Question: What journal entry should Douglas make to record the February 1, 20X5 transaction? Answer: It should debit and credit TOr 4 for $

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