Recording Common Stock Direct Retirement M4 Inc. issued 150,000 shares of $0.01 par value common stock...

  

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Recording Common Stock Direct Retirement M4 Inc. issued 150,000 shares of $0.01 par value common stock for $15 per share on January 1, 2020, the day of its initial stock offering. Required a. Record entries for the following subsequent transactions assuming that the company's policy is to directly retire any reacquired shares. 1. On March 30, 2020, M4 Inc. reacquires and retires 3,000 shares of common stock at $13.50 per share. • Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. • Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Account Name Dr. Cr. March 30, 2020 2. On August 20, 2020, M4 Inc. reacquires and retires 3,000 shares of common stock at $17.25 per share. • Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. • Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Account Name Dr. Cr. Aug. 20, 2020 3. On December 1, 2020, M4 Inc. issues 15,000 shares of common stock at $17.00 per share. • Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. Dec. 1, 2020 b. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded). Issued Outstanding Shares Shares 1. March 30, 2020. 2. August 20, 2020. 3. December 1, 2020. Recording Common Stock Direct Retirement M4 Inc. issued 150,000 shares of $0.01 par value common stock for $15 per share on January 1, 2020, the day of its initial stock offering. Required a. Record entries for the following subsequent transactions assuming that the company's policy is to directly retire any reacquired shares. 1. On March 30, 2020, M4 Inc. reacquires and retires 3,000 shares of common stock at $13.50 per share. • Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. • Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Account Name Dr. Cr. March 30, 2020 2. On August 20, 2020, M4 Inc. reacquires and retires 3,000 shares of common stock at $17.25 per share. • Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. • Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Account Name Dr. Cr. Aug. 20, 2020 3. On December 1, 2020, M4 Inc. issues 15,000 shares of common stock at $17.00 per share. • Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. Dec. 1, 2020 b. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded). Issued Outstanding Shares Shares 1. March 30, 2020. 2. August 20, 2020. 3. December 1, 2020.

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