the following data were from taken the records of valencia frutti corpration:share capital, 50 PAR 3,000 SHARES AUTHORIZ...

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the following data were from taken the records of valencia frutti corpration:

share capital, 50 PAR 3,000 SHARES

AUTHORIZED 1,000 shares issuesd....................50,000

premium on share capital..............................................................3,000

retained earnings...............................................................................10,000

REQUIRED:

1.Journal entry record the acquisition of the treasury shares.

2.Journal entry to record the sale of the treasury shares under the three given cases.










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