Question
On January 1, 2020, the equity section of Bergin Stores shows share capital-ordinary ($10 par value) $3000,000; share premium-ordinary $800,000; retained earnings $ 500, 000
On January 1, 2020, the equity section of Bergin Stores shows share capital-ordinary ($10 par value) \$3000,000; share premium-ordinary $800,000; retained earnings $ 500, 000 and treasury shares $750,000 ( 50,000 shares at cost \$15/share ) , During the year, the following treasury share transactions occurred. Mar. 1 Purchased 10, 000 shares for cash at $15 per share. July 1 Sold 20,000 treasury shares for cash at per share. Sept. 1 Sold 15,000 treasury shares for cash at 13 per share. Instructions 1. Journalize the treasury share transactions ? 2. Report the equity section after transaction occurred on Sep 3 Determine number of outstanding shares after transaction sep, 1 ?
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