Higgins Inc. has 52,000 common shares outstanding. The shares have an average cost of $21 per share.

Question:

Higgins Inc. has 52,000 common shares outstanding. The shares have an average cost of $21 per share. On July 1, 2017, Higgins reacquired 800 shares at $56 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 Higgins prepares in accordance with ASPE.
(b) Discuss how the answer to part (a) may be different if Higgins prepared in accordance with IFRS.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...