Question: Roberts Corporation has 50 000 common shares outstanding with an average
Roberts Corporation has 50,000 common shares outstanding, with an average value of $8 per share. On August 1, 2012, the company reacquired and cancelled 600 shares at $40 per share. There was Contributed Surplus of $0.25 per share at the time of the reacquisition (total $12,500). Prepare the journal entry to record this transaction.
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