Question
Advanced Technologies Inc. reported the following information related to its shareholders equity on January 1: Common shares, 1,000,000 authorized, 500,000 shares issued $1,500,000 Contributed capitalreacquisition
Advanced Technologies Inc. reported the following information related to its shareholders equity on January 1:
Common shares, 1,000,000 authorized, 500,000 shares issued $1,500,000
Contributed capitalreacquisition of common shares 15,000
Retained earnings 720,000
During the year, the following transactions related to common shares occurred in the order listed:
1. Issued 35,000 shares at $4.20 per share.
2. Reacquired 10,000 shares at $3.00 per share.
3. Issued 5,000 shares at $4.50 per share.
4. Reacquired 18,000 shares at $4 per share.
5. Reacquired 75,000 shares at $3 per share.
Determine the ending balances in each of the following accounts: Common Shares; Contributed SurplusReacquisition of Common Shares; and Retained Earnings(Round the average issue price to two decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,271.)
Common shares | $ |
Contributed Surplusreacquisition of Common shares | $ |
Retained earnings | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started