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As of 1/1/2009 Old Corp has 10,000,000 share issued and outstanding $1 par common stock that were originally issued for $20 per share 5-years ago.
As of 1/1/2009 Old Corp has 10,000,000 share issued and outstanding $1 par common stock that were originally issued for $20 per share 5-years ago. On March 1, 2009 Old Corp decides to re-acquire 100,000 shares for $25 per share. They begin 2009 with a $100,000 credit balance in the APIC-Share Repurchase account. What journal entry will Old Corp. record on 3/1/2009 if they treat the re- acquisition of shares as 'share retirements
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