Question
Bulletproof Corporation began 2020 with the following account balances: Common shares, 150,000 shares authorized, 100,000 outstanding $2,175,000 Contributed surplus - share repurchase 10,000 Retained earnings
Bulletproof Corporation began 2020 with the following account balances:
Common shares, 150,000 shares authorized, 100,000 outstanding $2,175,000
Contributed surplus - share repurchase 10,000 Retained earnings 700,000
In January 2020, Bulletproof Corporation reported the following transactions:
Jan. 10 Repurchased 4,000 of its own shares for $25 per share.
20 Sold 1,500 of the repurchased shares for $28 per share.
30 Repurchased 1,000 of its own shares for $21 per share.
Required:
a) Record the journal entries for the above transactions (no explanations required)
b) Calculate the ending balance in the common share account on January 31, 2020
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