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Finn Corp had the following information regarding their shareholders equity accounts: Common shares, 50,000 shares authorized, 20,000 shares issued and outstanding $200,000 Retained earnings 132,000
Finn Corp had the following information regarding their shareholders equity accounts:
Common shares, 50,000 shares authorized, 20,000 shares issued and outstanding | $200,000 |
Retained earnings | 132,000 |
On May 1, of the current year, the company repurchased and retired 4,000 common shares at $3 per share.
Required:
Prepare the journal entry to record the purchase and retirement of common shares. show all calculations below your journal entry.
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