1) Bramble Corporation issued 4,000 of its common shares for $66,000. The company also incurred $1,700 of costs associated with issuing the shares. Prepare a single combined journal entry to record the issuance of the company’s shares.

2) Ayayai Inc. has 52,900 common shares outstanding. The shares have an average cost of $22 per share. On July 1, 2020, Ayayai reacquired 760 shares at $50 per share and retired them. Assume no contributed surplus balances exist from previous share repurchases.

a) Prepare the journal entry to record this transaction if Ayayai prepares financial statements in accordance with ASPE.