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

 

Transcribed Image Text:

Ivanhoe Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 80,000 issued and outstanding $960,000 Class A common shares, 170,000 issued and outstanding 875,500 Class B common shares, 280,000 issued and outstanding 1,652,000 Retained earnings 3,295,000 Total shareholders' equity $6,782,500 On June 10, Ivanhoe reacquired and cancelled 1,900 Class A common shares at a cost of $3.95 per share. On August 26, 2020, Ivanhoe issued 3,800 Class A common shares for $8.50 each. On September 30, the company reacquired and cancelled another 1,900 Class A common shares at $8.50 per share. Prepare the journal entries required to record these transactions. (Round per share value to 4 decimal places, e.g. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Ivanhoe Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 80,000 issued and outstanding $960,000 Class A common shares, 170,000 issued and outstanding 875,500 Class B common shares, 280,000 issued and outstanding 1,652,000 Retained earnings 3,295,000 Total shareholders' equity $6,782,500 On June 10, Ivanhoe reacquired and cancelled 1,900 Class A common shares at a cost of $3.95 per share. On August 26, 2020, Ivanhoe issued 3,800 Class A common shares for $8.50 each. On September 30, the company reacquired and cancelled another 1,900 Class A common shares at $8.50 per share. Prepare the journal entries required to record these transactions. (Round per share value to 4 decimal places, e.g. 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 0 for the amounts. Record journal entries in the order presented in the problem.)

Answer rating: 100% (QA)

75500 32300 110000 3800 stoch calculation of cost pes share of clas... View the full answer