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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, 2018: | Repurchased and retired 2.40 million shares at $7.60 per share. | ||
June | 25, 2018: | Repurchased and retired 3.40 million shares at $3.40 per share. |
Prior to the transactions, CCC's shareholders' equity included the following:
Common stock, 79.60 million shares at $1 par | $ | 79,600,000 | |
Paid-in capital - excess of par | 270,640,000 | ||
Retained earnings | 116,000,000 | ||
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.) show work.
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