The journal entry to record this retirement of treasure stock would retired 2,000 shares that cost $50 per share and were originally issued at $6 per shares.
June 15 Common stock $10,000
(2000 * $5)
Additional Paid-in-capital $2,000
(2,0000 * ($6 - $5))
Retained earnings $88,000
($100,000 - $10,000 - $2,000)
Treasury stock, common $100,000
(To record this retirement of treasure stock)
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