As of the end of Year 1, the shareholders equity of Philip Corporation consisted of Common stock, 80,100 shares at $1 par $ 80,100 Paid in capitalexcess of par 168,210 Retained earnings 121,000 At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8 10 per share Prepare t...

Explanation To record the share repurchased offsetting entry is credit Cash account Number of share ...

As of the end of Year 1, the shareholders equity of Philip Corporation consisted of: Common stock,

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As of the end of Year 1, the shareholders’ equity of Philip Corporation consisted of:


Common stock, 80,100 shares at $1 par	$	80,100
Paid-in capital—excess of par		168,210
Retained earnings		121,000

At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal entry for the repurchase and retirement of the shares.

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Statistics The Art and Science of Learning from Data

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3rd edition

Authors: Alan Agresti, Christine A. Franklin

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Posted Date: Mar 06, 2020 08:51 PM

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As of the end of Year 1, the shareholders equity of Philip Corporation consisted of: Common stock,

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Statistics The Art and Science of Learning from Data

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