Correct Answer $($Used$)$

Record the reacquisition of the shares assuming the company paid $$46,000$ to reacquire the shares. $($Credit account titles

are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts. List all debit entries before credit entries. Round average per share amount to $2$ decimal

places, e$.$g$.15\mathrm{.}25$ and final answers to $0$ decimal places, e$.$g$.5,125.)$

Date Account Titles and Explanation

Debit

Credit

April

$5$

Common Shares

Contributed Surplus $-$ Reacquisition of Common SharesOn December $31,2023,$ Cullumber Treats Limited reported $41,000$ common shares issued and a balance in the Common

Shares account of $$255,020.$ On April $5,2024,$ it reacquired $8,000$ of these shares. This is the first time Cullumber Treats has

reacquired any of its shares.