Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On April 7, 2021, Mo's Motor Corp. had a balance of $341,000 in its Common Shares account and the total number of shares issued was
On April 7, 2021, Mo's Motor Corp. had a balance of $341,000 in its Common Shares account and the total number of shares issued was 31,000. On April 8, 2021, Mo's paid $18,050 to reacquire 1,900 shares. On November 22, 2021, the company paid $44,200 to reacquire 3,400 shares. On December 30, the company issued 8,000 shares for $15.50 per share. Determine the average per share amount on April 7 and November 22, 2021. (Round answer to 2 decimal places, e.g. 15.25.) Average per share amount 11,10.86 e Textbook and Media Assistance Used List of Accounts Assistance Used Record the transactions for the reacquisitions of shares and issue of shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 8 Common Shares 20900 Contributed Surplus - Reacquisition of Common Shares 2850 Cash 18050 Nov. 22 Common Shares 37400 Contributed Surplus - Reacquisition of Common Shares Retained Earnings Cash 44200 Dec. 30 Cash Common Shares How many common shares remain at the end of the year? Common shares e Textbook and Media List of Accounts Save for Later Last saved 20 minutes ago. Attempts: 0 of 2 used Submit Answer Saved work will be auto-submitted on the due date. Auto
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