Question
Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares. January 4,
Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares. January 4, 2016: Repurchased and retired 1.10 million shares at $8.10 per share. June 25, 2016: Repurchased and retired 2.10 million shares at $2.10 per share.
Prior to the transactions, CCC's shareholders' equity included the following:
Common stock, 80.10 million shares at $1 par $ 80,100,000
Paid-in capital - excess of par 168,210,000
Retained earnings 121,000,000
Required: Prepare the journal entry to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
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