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Business, 17.08.2019 21:10 thomasg185

As of the end of year 1, the shareholders’ equity of philip corporation consisted of: common stock, 80,100 shares at $1 par $ 80,100 paid-in capital—excess of par 168,210 retained earnings 121,000 at the beginning of year 2, the company repurchased and retired 1,100 shares at $8.10 per share. prepare the appropriate journal entry for the repurchase and retirement of the shares. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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