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A company's common share account showed the following transactions for 20x3: Dr. Cr. Date Jan 1 Mar 1 Jun 1 Sept 1 Description Opening balance,
A company's common share account showed the following transactions for 20x3: Dr. Cr. Date Jan 1 Mar 1 Jun 1 Sept 1 Description Opening balance, 20,000 shares Issue 5,000 shares* Issue 2,300 shares for cash Repurchase 4,000 shares @ $18 60,000 25,000 Balance $220,000 280,000 305,000 233,000 72,000 * The shares issued on March 1 were for the purchase of land appraised at $65,000 as of the date of the offer on Feb 28. The shares were trading at $12 per share on March 1, the date of closing (i.e. the date the land was acquired). The December 31, 20x3 unadjusted trial balance shows a balance of zero in the Contributed Surplus - Common Share Repurchases account. Required Prepare any adjusting journal entries required at December 31, 20x3
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