Danier Leather Inc. manufactures and retails leather products, earning international recognition as a leader in leather and suede design. The company€™s annual report for the fiscal year ended June 30, 2012, included the following (all amounts are in thousands):
(d) Normal course issuer bids
During the past several years, the Company has received approval from the TSX to commence various normal course issuer bids (€œNCIBs€). On May 5, 2011, the Company received approval from the TSX to commence its fifth normal course issuer bid (the €œ2011 NCIB€). The 2011 NCIB permitted the Company to acquire up to 176,440 Subordinate Voting Shares, representing approximately 5% of the Company€™s issued and outstanding Subordinate Voting Shares at the date of acceptance of the notice of intention in respect of the 2011 NCIB filed with the TSX during the period from May 9, 2011, to May 8, 2012, or such earlier date as the Company may have completed its purchases under the 2011 NCIB. The 2011 NCIB expired on May 8, 2012, without being renewed. During the fourth quarter of fiscal 2011 and the first quarter of fiscal 2012, the Company repurchased an aggregate of 125,000 Subordinate Voting Shares for cancellation at a weighted average price of $ 11.44.
The following Subordinate Voting Shares were repurchased for cancellation under the NCIBs in effect during year ended June 30, 2012, and June 25, 2011, respectively:

Required:
1. What was the average price that the company paid to repurchase shares in fiscal year 2012?
2. Prepare the journal entry to record a summary of the 2012 repurchase transactions.

Transcribed Image Text:

June 30, 2012 Number of shares repurchased under NCIBs Amount charged to share capital Amount charged to retained earnings representing 50000im $ 219 June 25, 2011 75,000 $ 329 311 571 the excess over the average paid-in value Total cash consideration $ 530 900