Tomato Company has 300,000 no-par value common shares authorized, issued, and outstanding. The shares were initially issued

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Tomato Company has 300,000 no-par value common shares authorized, issued, and outstanding.

The shares were initially issued at $40 per share.

On February 28, 2023, Tomato reacquired 6,000 shares at a cost of $38 per share.

On October 9, 2023, the company purchased and canceled an additional 4,000 shares.

The purchase cost was $44 per share.

Required :

Prepare the journal entries to record the reacquisition of the shares.

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Posted Date: May 19, 2023 05:54 AM

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Tomato Company has 300,000 no-par value common shares authorized, issued, and outstanding. The shares were initially issued

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To record the reacquisition of the shares by Tomato Company we need to account for the cost of the s... View the full answer

Intermediate Accounting Reporting and Analysis

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