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ABC Company began operations on January 1 , Year 1 . The following transactions and events occurred in Year 1 : 1 ) On January

ABC Company began operations on January 1, Year 1. The following transactions and events occurred in Year 1:
1) On January 1, ABC issued 8,000 no-par value common shares for $130.00 per share.
2) On November 1, ABC repurchased and cancelled 800 of the common shares for $136.50 per share.
3) On December 1, ABC declared and paid dividends to the common shareholders of $4.00 per share.
4) During all of Year 1, ABC earned net income of $156,000.
Part 1: Prepared the journal entry to record the repurchase and cancellation of the shares on November 1.
Part 2: Complete the following table
What amount would Kalkata show for Common shares on the December 31 Balance Sheet
What amount would Kalkata show for Retained Earnings on the December 31 Balance Sheet
Total dividends paid in Year 1

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