Arantxa Corporation has issued 20,000 IPO at $14 per share where the face value was 10/share on May 2, 2014. At the time of issuing IPO, Arantxa had $120,000 of retained earnings. On August 1, 2014, Arantxa reacquired 3,000 shares at $12 per share. On November 1, Arantxa sold the 2,400 shares at $15 per share.

Prepare Arantxa’s journal entries to record these transactions. Prepare their Equity section dated November 1, 2014.

 

Answer rating: 100% (QA)

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