Question

On October 10, 2014, the equity account balances for Bushnell, Inc., showed the following:
Common shares, unlimited shares authorized,
36,000 shares issued, and outstanding ......................................................... $561,600
Retained earnings............................................................................................. 518,400
On October 11, 2014, the corporation repurchased for treasury 4,500 common shares at $36 per share.

Required
a. Prepare the equity section of the balance sheet on October 11, 2014, after the repurchase.
b. Journalize the following transactions for Bushnell Inc.:
(i) The purchase of the treasury shares on October 11.
(ii) The sale of 1,500 treasury shares on November 1 for cash at $45.60 per share.
(iii) The sale of all the remaining treasury shares on November 25 for cash at $28.80 per share.



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  • CreatedJanuary 08, 2015
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