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Part II Maria Limited is authorized to sell 1,000,000 its $10 par value ordinary shares. As...

Part II Maria Limited is authorized to sell 1,000,000 its $10 par value ordinary shares. As at the end of the current year, the company has actually sold 500,000 ordinary shares at $15 per share. In addition, of the 500,000 ordinary shares that have been sold, 40,000 shares have been repurchased at $80 per share to be used to meet the future requirements of a share option plan that the company intends to implement.

Required: Prepare the general journal entries required to record all the above transactions. Except for the workings of calculations, no explanation or date is required when preparing the journal entries.

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