Estabrook Ltd., which has a December 31 year end, had the following shareholders equity account balances as
Question:
Estabrook Ltd., which has a December 31 year end, had the following shareholders’ equity account balances as at December 31, 2024:
Common shares (1,060,000 shares issued and
outstanding) ................................................................................... $14,840,000
Retained earnings ............................................................................ $ 5,250,000
On January 22, 2025, Estabrook Ltd. repurchased and cancelled 180,000 common shares, paying $18.00 per share.
Required
a. Provide the journal entry to record the share repurchase transaction.
b. Provide the journal entry that would have been required if Estabrook had paid $11.00 per share when the shares were repurchased.
Step by Step Answer:
a b Common Shares Reta...View the full answer
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
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