Whispering Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred...

 

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Whispering Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding $738,000 Class A common shares, 150,000 issued and outstanding 750,000 Class B common shares, 440,000 issued and outstanding 2,530,000 Retained earnings 3,285,000 Total shareholders' equity $7,303,000 On June 10, Whispering reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Whispering issued 3,600 Class A common shares for $8.55 each. On September 30, the company reacquired and cancelled another 1,800 Class A common shares at $8.55 per share. Prepare the journal entries required to record these transactions. (Round per share value to 4 decimal places, eg. 1.2512 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 Common Shares 9000 Contributed Surplus 1530 Cash 7470 Aug. 26 Cash 30780 Common Shares 30780 Sept. 30 Common Shares 9000 Contributed Surplus 6390 Retained Earnings Cash 15,390 Whispering Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding $738,000 Class A common shares, 150,000 issued and outstanding 750,000 Class B common shares, 440,000 issued and outstanding 2,530,000 Retained earnings 3,285,000 Total shareholders' equity $7,303,000 On June 10, Whispering reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Whispering issued 3,600 Class A common shares for $8.55 each. On September 30, the company reacquired and cancelled another 1,800 Class A common shares at $8.55 per share. Prepare the journal entries required to record these transactions. (Round per share value to 4 decimal places, eg. 1.2512 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 Common Shares 9000 Contributed Surplus 1530 Cash 7470 Aug. 26 Cash 30780 Common Shares 30780 Sept. 30 Common Shares 9000 Contributed Surplus 6390 Retained Earnings Cash 15,390