Q1) On January 1, 2017, Oriole Industries purchased 1,500 treasury shares. Other information regarding Oriole Industries is provided bel

Q2) Bramble Ltd. purchased from its shareholders 5,700 shares of its own previously issued shares for 290,700. It later resold 1,800 shares for 55 per share, then 2,100 more shares for 50 per share, and finally 1,800 shares for 41 per share. Prepare journal entries for the purchase of the treasury shares and the three sales of treasury shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

On January 1, 2017, Oriole Industries purchased 1,500 treasury shares. Other information regarding Oriole Industries is provided below. Net income Dividends on preference shares Dividends on ordinary shares Weighted average number of ordinary shares outstanding Ordinary shareholders' equity beginning of year Ordinary shareholders' equity end of year 2016 196,000 27,400 18,300 11,000 598,000 748,300 2017 210,100 27,400 25,100 9,500 748,300 827,172 Compute return on ordinary shareholders' equity for each year. (Round answers to 2 decimal places, e.g. 10.50% or 10.50.) 2016 2017 Return on ordinary shareholders' equity % % Bramble Ltd. purchased from its shareholders 5,700 shares of its own previously issued shares for 290,700. It later resold 1,800 shares for 55 per share, then 2,100 more shares for 50 per share, and finally 1,800 shares for 41 per share. Prepare journal entries for the purchase of the treasury shares and the three sales of treasury shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Treasury Shares Cash (To record purchase of treasury shares.) Cash Treasury Shares (To record sales of shares at 55 per share.) Cash Treasury Shares (To record sales of shares at 50 per share.) Cash Retained Earnings Treasury Shares (To record sale of shares at 41 per share.)