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What is the journal entry to record treasury stock under the cost method?

Since the company is repurchasing common stock from the public, that represents treasury stock. A company can either use the cost method or the par value method to record treasury stock:

Under the cost method, if the company repurchased 5,000 shares at $16 per share, the company would debit treasury stock for $80,000 and credit cash for $80,000.

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