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Big Plans Corporation (BPC) has 400,000 no par value common shares authorized, issued and outstanding which were all issued at $35 per share. On February
- Big Plans Corporation (BPC) has 400,000 no par value common shares authorized, issued and outstanding which were all issued at $35 per share. On February 14, 2022, BPC reacquired 6,000 shares at a cost of $32 per share. On October 31, 2022, BPC purchased and cancelled an additional 3,000 shares at a purchase cost of $42 per share.
Required (12 marks): Prepare the journal entries related to the reacquisition of shares in 2022 for BPC.
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Core Concepts of Accounting Information Systems
Authors: Mark G. Simkin, Jacob M. Rose, Carolyn S. Norman
12th edition
1118022300, 978-1118022306
