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AP117 Analyzing the Repurchase of Shares and Retained Earnings (PIIII) L011-3, 11-4 The following information is extracted from the statement of financial position of Dollarama Inc. All amounts are in thousands of Canadian dollars. Shareholders' Equity Share capital Contributed surplus Retained earnings Accumulated other comprehensive income Total shareholders' equity February 1, 2015 $462,734 15,338 196,112 66 2g6 $740,480 February 2, 2014 sagg,602 10,884 346,478 13 202 $864,166 Net earnings for the year ended December , 2015, is $295,410. WestJet reported the following information in the notes to its 2015 financial statements: Taking into account the Share Split, the total number of common shares repurchased for cancellation under the 20132014 NCIg and the 20142015 NCIB during the year ended February 1, 2015, amounted to 9,272,672 common shares (February 2, 2014 7,440,836 common shares under the 20132014 NCIB) for a total cash consideration of $436,221 (February 2, 2014 $293,201). For the year ended February 1, 2015, the Corporation's share capital was reduced by $32,g37 (February 2, 2014 - $26,460) and the remaining $403,284 (February 2, 2014 - $266, 741) was accounted for as a reduction of retained earnings. Required: 1. Prepare the journal entry to record the share repurchase transaction. 2. Why do you think Dollarama decided to repurchase the shares? Explain. 3. Did Dollarama declare any dividends during fiscal year 2015? If so, compute the amount of dividends declared by the company?