On September 2, Garrett Corporation purchased and retired 2,000 of its own shares for $18,000. The shares

Question:

On September 2, Garrett purchased and retired 2,000 of its own shares for $18,000. The shares had been issued at an average price of $5. Prepare the September 2 entry for the purchase and retirement of the shares (assuming this is the first retirement ever recorded by Garrett).

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...