Fred & Sons Inc. began 2019 with the following account balances: Common shares, 1,000,000 shares authorized, 225,000 issued $2,250,000 Retained earnings 590,000 A) In 2019, Fred & Sons Inc. reported the following transactions: Jan. 10 Reacquired 50,000 of its own shares for $9 per share. Apr 15 Reacquired 25,000 of its own shares for $11 per share. May 23 Reacquired 10,000 of its own shares for $13 per share. 30 Sold 8,000 of the reacquired shares for $15 per share. Record journal entries for the above transactions. B) What is the average issue price as of May 30th?

Answer rating: 100% (QA)

a Journal Entries Date TitleExplanation Debit Credit Jan 10 Treasury shares 450000 ... View the full answer