Question: Cornerstone Exercise 10-26 (Algorithmic) Accounting for Share Repurchase and Cancellation On February 15, 2022, Wild Bill Corporation repurchases and cancels 760 of its outstanding common

Cornerstone Exercise 10-26 (Algorithmic) Accounting for Share Repurchase and Cancellation On

Cornerstone Exercise 10-26 (Algorithmic) Accounting for Share Repurchase and Cancellation On February 15, 2022, Wild Bill Corporation repurchases and cancels 760 of its outstanding common shares for $9 per share. These shares were originally issued for $6 per share. Required: Prepare the journal entry to record the share repurchase and cancellation. For a compound transaction, for those boxes in which no entry is required, leave the box blank. 2022, Feb. 15 (Record purchase and cancellation of common shares)

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