FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Evil Corporation (EC) currently has: 200 000 common shares issued at $17 per share. On February 15th, 2020, Evil corporation pays $150,000 to reacquire 10

image text in transcribed
Evil Corporation (EC) currently has: 200 000 common shares issued at $17 per share. On February 15th, 2020, Evil corporation pays $150,000 to reacquire 10 000 common shares. The contributed surplus account has a balance of $20,000 Credit. Make the journal entry to record this transaction. (4 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Audit Efficiency Through Automation

Internal Audit Efficiency Through Automation

Authors: David Coderre

1st Edition

0470392428, 978-0470392423

More Books

Students also viewed these Accounting questions

Question

★★★★★
How should you value a project in a line of business with risk that is different than the average risk of your firm's projects?

Answered: 1 week ago

Question

★★★★★
Straight-line depreciation rates OBJ. 2 Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage: (a) 4 years, (b) 8 years, (c) 10 years,...

Answered: 1 week ago

Question

★★★★★
Appropriately incorporate collaboration and cooperative learning in your classes.

Answered: 1 week ago

Question

★★★★★
Brooks Hardware reported cost of goods sold as follows. Brooks made two errors:1. 2011 ending inventory was overstated by $2,000.2. 2012 ending inventory was understated by $5,000.InstructionsCompute...

Answered: 1 week ago

Question

★★★★★
The Pat Company has estimated its activity for May 2020. Selected data from these estimated amounts are as follows: Sales $350,000 Gross Profit (based on sales) 30% Increase in trade A/R during May...

Answered: 1 week ago

Question

★★★★★
What is the current bond price? Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German...

Answered: 1 week ago

Question

★★★★★
Write Python code snippet to display n terms of the Fibonacci series using recursion.

Answered: 1 week ago

Question

★★★★★
Write the Python program to swap the two numbers without using intermediate /Temporary variables. Prompt the user for input.

Answered: 1 week ago

Question

★★★★★
Adens Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and sells 4,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials...

Answered: 1 week ago

Question

★★★★★
Write a Python program to check an input number is prime or not.

Answered: 1 week ago

Question

★★★★★
Write a Python program that accepts a sentence and calculates the number of digits, uppercase, and lowercase letters.

Answered: 1 week ago

Question

★★★★★
What are some of the business communication differences between Canada and Mexico? (Objective 4)

Answered: 1 week ago

Question

★★★★★
Xway Accounting has outsourced preparation of basic income tax forms to technicians working in India. Accountants in the home office will continue to do business tax forms and complex forms for...

Answered: 1 week ago

Question

★★★★★
Explain three communication challenges that a U.S. expatriate may face when relocated to an office in China. (Clue: Consider high- and low-context cultures.) (Objective 4)

Answered: 1 week ago

Previous Question Next Question