Question
Nike is the worlds leading designer, marketer, and distributor of authentic athletic footwear, apparel, equipment, and accessories. The following is a press release from the
Nike is the worlds leading designer, marketer, and distributor of authentic athletic footwear, apparel, equipment, and accessories. The following is a press release from the company:
- Assume Nike repurchased 50 million shares after the stock split at an average price of $59 per share. The original issue price of the shares, after adjusting for the six stock splits since the shares were issued, was $0.15 per share. What entry would Nike have recorded to account for the repurchase? Nike views the repurchase of stock as a formal retirement of shares.
please note : the orignal issue price needs to factored, and the retained earning will be entered as well
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started