Question

Information taken from Nanotec Security Inc.’s January 31, 2014, balance sheet follows:
Common shares, 600,000 shares authorized,
30,000 shares issued and outstanding .......................................................... $405,000
Retained earnings............................................................................................. 79,350

On February 1, 2014, the company repurchased and retired 400 common shares (the first retirement the company has recorded).

Required
Prepare General Journal entries to record the repurchase and retirement under each of the following independent assumptions. The shares were repurchased for:
a. $9.00 per share
b. $13.50 per share
c. $18.00 per share



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  • CreatedJanuary 08, 2015
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