Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 31, 2020, Blossom Treats Limited reported 38,000 common shares issued and a balance in the Common Shares account of $240.160. On April, 2021,

image text in transcribed
image text in transcribed
On December 31, 2020, Blossom Treats Limited reported 38,000 common shares issued and a balance in the Common Shares account of $240.160. On April, 2021, it reacquired 7.500 of these shares. This is the first time Blossom Treats has reacquired any of its shares Record the reacquisition of the shares assuming the company paid $43,000 to require the shares. (Credit account titles are automatically indented when the amount hi entered Dorot Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Round average share price to 2 decimal places 3 527 and final aners to dedinel places, e.g. 5.275) Date Account Titles and Explanation Debit Credit April 5 (To record reacquisition of common shares.) Record the reacquisition of the shares assuming the company paid $58,000 to reacquire the 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. Round average share price to 2 decimal places, s. 5.27 and final answers to decimal places, s. 5.275) Date Account Titles and Explanation Debit Credit April 5 (To record reacquisition of common shares.)

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

Stand Up To The IRS How To Handle Audits Tax Bills And Tax Court

Authors: Frederick W. Daily Robin Leonard

2nd Edition

0873372409, 978-0873372404

More Books

Students also viewed these Accounting questions

Question

Analyse the various techniques of training and learning.

Answered: 1 week ago