Roberts Corporation has 50,000 common shares outstanding, with an average value of $8 per share. On August

Question:

Roberts 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.
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...