Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares. 

January 4, 2016: Repurchased and retired 1 million shares at $8 per share. 

June 25, 2016: Repurchased and retired 2 million shares at $2 per share. 

Prior to the transactions, CCC's shareholders' equity included the following: 

Common stock, 80 million shares at $1 par $80,000,000 

Paid-in capital—excess of par 160,000,000 

Retained earnings 120,000,000 

Required: 

Record entries for the above transactions.

Answer rating: 100% (QA)

Required solution Date General Journal Debit Credit January 4 2016 Common stock ... View the full answer