Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Malton corp has a single class of shares. As its year ended December 31, 2020, the company had 5,000,000 shares issued and outstanding. n the

Malton corp has a single class of shares. As its year ended December 31, 2020, the company had 5,000,000 shares issued and outstanding. n the stock exchange, these shares were trading at around $44. In the company's account, these shares had a value of 250,000,000.The equity accounts also show 650,000 of contributed surplus from previous repurchase of shares. On january 15, 2021 Malton repurchased and cancelled 250,000 shares at a cost of 45 per share. Later in the year on august 20, the company repurchased and cancelled a further 475,000 shares at a cost of 63 per share Required: Record the journal entries for the two share transaction in 2021

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

Step: 3

blur-text-image

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

Forensic And Investigative Accounting

Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton

10th Edition

0808056301, 9780808056300

More Books

Students also viewed these Accounting questions

Question

What is the formula to calculate the mth Fibonacci number?

Answered: 1 week ago

Question

1. Why do we trust one type of information more than another?

Answered: 1 week ago