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Twin Towns, Incorporated, was authorized to issue 300,000 shares of common stock and originally issued...

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Accounting

Twin Towns, Incorporated, was authorized to issue 300,000 shares of common stock and originally issued 100,000 shares of $10 par value stock at $18 per share. Subsequently, 25,000 shares were repurchased at $20, of which 10,000 were subsequently resold at $23.
Assume the companys retained earnings balance is $120,000.

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