On December 31, 2020, Liquorice Treats Limited reported 40,000 common shares issued and a balance in the
Question:
On December 31, 2020, Liquorice Treats Limited reported 40,000 common shares issued and a balance in the Common Shares account of $250,000. On April 5, 2021, it reacquired 8,000 of these shares. This is the first time Liquorice Treats has reacquired any of its shares. Record the reacquisition of the shares assuming the company paid
(a) $45,000
(b) $60,000 to reacquire the shares.
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a Apr 5 Common Shares 8000 625 1 50000 Contributed Surplus x Reacquisition of Common ...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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