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At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 7,800 shares outstanding, no-par Common shares, 181,800 shares outstanding,
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 7,800 shares outstanding, no-par Common shares, 181,800 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 219,180 492,678 111,300 556, 5ee During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,6ee common shares bought and retired at $6 per share 16 March 4,5ee preferred shares bought and retired at $31.40 per share 20 May 9,888 common shares bought and retired at $1 per share 25 May 2,200 preferred shares bought and retired at $15.80 per share 30 May 11,480 common shares issued at $9.80 per share 15 Nov. 5,388 common shares bought and retired at $29 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.) 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 Record retirement of common shares at $5 per share. Note: Enter debits before credits. Date General Journal Debit Credit 15 March Record entry Clear entry View general journal 2 Calculate the closing balance in each account in shareholders' equity. (Round Intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar.) Preferred shares Common shares Contributed capital on share retirement: Common Preferred Retained earnings
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