The Augustto Ronan Vidal Simoes Corporation was authorized to issue 1,500,000 no-par value common shares. There...

Transcribed Image Text:

The Augustto Ronan Vidal Simoes Corporation was authorized to issue 1,500,000 no-par value common shares. There were 600,000 shares outstanding for a total value of $6,000,000 as at December 31, 20X6 there were retained earnings of $1,500,000 During 20X7, The Justin A. Munian Corporation carried out the following transactions i. Reacquired and canceled 75,000 common shares at $7.00. i. Declared a cash dividend of $2.50. . Paid the dividend in ii) above. V. Sold 15,000 common shares at $12.00 per share. v Reacquired and canceled 40,500 common shares at $11.00 Required. Prepare the journal entries for each of the above transactions (Format for Each Entry Provided Below) Date Account Debit Credit The Augustto Ronan Vidal Simoes Corporation was authorized to issue 1,500,000 no-par value common shares. There were 600,000 shares outstanding for a total value of $6,000,000 as at December 31, 20X6 there were retained earnings of $1,500,000 During 20X7, The Justin A. Munian Corporation carried out the following transactions i. Reacquired and canceled 75,000 common shares at $7.00. i. Declared a cash dividend of $2.50. . Paid the dividend in ii) above. V. Sold 15,000 common shares at $12.00 per share. v Reacquired and canceled 40,500 common shares at $11.00 Required. Prepare the journal entries for each of the above transactions (Format for Each Entry Provided Below) Date Account Debit Credit

Answer rating: 100% (QA)

The requirement is to prepare the journal entries for the given transactions T... View the full answer