The Data Group Inc. had the following balances in its equity accounts at December 31, 2022:

During 2023, the following equity transactions occurred:

Required
1. Prepare journal entries to account for the transactions during 2023 (assuming the retirements were the first ever recorded by The Data Group Inc.).
2. Prepare the company’s equity section on the December 31, 2023, balance sheet, assuming a loss for the year of $136,000.

Analysis Component:
What does a share repurchase and retirement accomplish for The Data Group Inc.?

Transcribed Image Text:

Common shares, unlimited shares authorized; 200,000 shares issued and outstanding............... Retained earnings.............. ***** $2,400,000 400,000