(Solution) - Marci Company reported the following balances related to common -(2025 Original AI-Free Solution)

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Marci Company reported the following balances related to common stock as of December 31, 2007:

Common stock, $1 par, 100,000 shares issued and outstanding . . . . . . . . . $ 100,000
Paid-in capital in excess of par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800,000

The company purchased and immediately retired 8,000 shares at $24 on August 1, 2008, and 15,000 shares at $17 on December 31, 2008. Make the entries to record the acquisition and retirement of the common stock. (Assume all shares were originally sold at the same price.)