Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding. These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of $75 per sl1are. During the year, the following stock transactions occurred:
Required:
Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method.
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