A type of long term permanent financing for residential construction or large construction projects, that replaces the construction loan is called a takeout loan.
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What is a takeout loan?</h3>
A takeout loan is a method of financing whereby a loan that is procured later is used to replace the initial loan. 
More specifically, a takeout loan, or takeout financing, is long-term financing that the lender promises to provide at a particular date or when particular criteria for completion of a project are met.
A take-out loan provides a long-term mortgage or loan on a property that "takes out" an existing loan.
The take-out loan will replace interim financing, such as replacing a construction loan with a fixed-term mortgage.
If the take-out loan is used to finance a rental or income-generating property, the take-out lender may be entitled to a portion of the rents earned.
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Answer:
Date      Particular                                       Dr.        Cr.
Jul-1       Treasury stock                          $6,210
              Cash                                                         $6,210
Sep-1     Cash                                          $4,840
              Treasury stock                                         $3,960
              Paid-in capital - Treasury stock              $880
Explanation:
Treasury stocks are the company's own shares which is repurchased by the company. It is recorded in treasury shares account which is an contra equity account. I can be reissued or cancelled by the company. 
Purchase of Treasury Stock
Treasury Stock = 690 x $9 = $6,210
Sales of Treasury Stock
Cash Receipt = 440 x $11 = $3,300
Treasury Stock = 440 x $9 = $3,960
Paid-in capital - Treasury stock = 440 x $2 = $880
 
        
             
        
        
        
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