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.
Answer to relevant QuestionsMortimer Inc. declared a cash dividend of $0.60 per share on its 1.5 million outstanding shares. The dividend was declared on August 1 and is payable on September 9 to all shareholders of record on August 15. Prepare all ...Brubacher Corporation’s post-closing trial balance at December 31, 2012, was as follows: At December 31, 2012, Brubacher had the following numbers for its common and preferred shares: The dividends on preferred shares ...Callaghan Inc. decided to sell shares to raise additional capital so that it could expand into the rapidly growing service industry. The corporation chose to sell these shares through a subscription basis and publicly ...Oregano Corporation’s charter authorizes the issuance of 1 million common shares and 500,000 preferred shares. The following transactions involving share issues were completed. Assume that Oregano follows IFRS and that ...Stellar Corp. had the following shareholders’ equity on January 1, 2012: Common shares, 300,000 shares authorized, 100,000 shares issued and outstanding .................. $ 270,000 Contributed surplus ...
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