Homework Answers
Journal Entries:
| Date | General Journal | Debit | Credit |
|
January 04, 2021 |
Common Stock [2,400,000 x $1] | $ 2,400,000 | |
| Paid-in Capital - excess of par [2,400,000 x $3.4] | $ 8,160,000 | ||
| Retained Earnings [Balance amount] | $ 7,680,000 | ||
| Cash [2,400,000 x $7.60] | $ 18,240,000 | ||
| [To record repurchase and retired shares] | |||
| June 25, 2021 | Common Stock [3,400,000 x $1] | $ 3,400,000 | |
| Paid-in Capital - excess of par [3,400,000 x $3.4] | $ 11,560,000 | ||
| Cash [3,400,000 x $3.40] | $ 11,560,000 | ||
| Retained Earnings [Balance amount] | $ 3,400,000 | ||
| [To record repurchase and retired shares] | |||
*Average Cost per share = (Common stock at $1 par + Paid in capital excess of par) ÷ No of Shares
=($79,600,000 + $270,640,000) ÷ 79,600,000
=$4.4
Paid in excess of par = $4.4 - $1 par = $3.4
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the sale of the shares? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions (i.e., 10,000,000
should be entered as 10).)
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1.
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3.
4.
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