02. 1,000,000 of XYZ's no-par common shares were initially offered at a price of $13, Later, XYZ bought back 6,000 shares of these shares at $ 17 a share. XYZ is incorporated under the Canada business corporation Act and therefore retired these shares.

Requirement

Record the retirement of the shares.

03. ABC. declare a dividend of $100,000 and pays it all at once. Provide the journal entry needed to document the $100,000 dividend if:

1. The dividend is paid in cash
2. The dividend is paid in company stock (stock dividend)