Nanotec Security Inc.s January $31,2023,$ balance sheet follows:

Common shares, $580,000$ shares authorized, $50,000$ shares issued and outstanding $ $600,000$

Retained earnings $84,350$

On February $1,2023,$ the company repurchased and retired $1,400$ 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:

$$9\mathrm{.}50$ per share

$$12\mathrm{.}00$ per share

$$14\mathrm{.}50$ per share

Answer rating: 100% (QA)

To record the repurchase and retirement of 1400 common shares we need to make the following general ... View the full answer