Sarasota Inc. has 53,200 common shares outstanding. The shares have an average cost of $22 per share. On July 1, 2020, Sarasota reacquired 800 shares at $59 per share and retired them. Assume no contributed surplus balances exist from previous share repurchases.

a) Prepare the journal entry to record this transaction if Sarasotaprepares financial statements in accordance with ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
July 1

Answer rating: 100% (QA)

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