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California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $15...

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Accounting

California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $15 per share. Later in the year, the company decides to repurchase 100 shares at a cost of $18 per share. Record the purchase of treasury stock. Record the transaction if California Surf reissues the 100 shares of treasury stock at $20 per share.

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