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At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 6,700 shares outstanding, no-par Common shares, 180,800 shares
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 6,700 shares outstanding, no-par Common shares, 180,800 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 189,610 455,616 110,700 553,500 During the year, the company acquired and retired shares, while other shares were Issued: 15 March 24,600 common shares bought and retired at $4 per share 16 March 3,900 preferred shares bought and retired at $31.80 per share 20 May 8,600 common shares bought and retired at $1 per share 25 May 1,300 preferred shares bought and retired at $16.30 per share 30 May 10,600 common shares issued at $11.30 per share 15 Nov. 4,800 common shares bought and retired at $26 per share. Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
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