Question
Information taken from Nanotec Security Inc.s January 31, 2020, balance sheet follows: Common shares, 460,000 shares authorized, 38,000 shares issued and outstanding $ 342,000 Retained
Information taken from Nanotec Security Inc.s January 31, 2020, balance sheet follows:
| Common shares, 460,000 shares authorized, 38,000 shares issued and outstanding | $ | 342,000 |
| Retained earnings | 81,350 | |
On February 1, 2020, the company repurchased and retired 800 common shares (the first retirement the company has recorded). Required: Prepare General Journal entries to record the repurchase and retirement under each of the following independent assumptions. The shares were repurchased for:
- $6.50 per share
- $9.00 per share
- $11.50 per share
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Accounting
Authors: Carl s. warren, James m. reeve, Philip e. fess
21st Edition
978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004
