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Question #1 (7 marks) ACME Inc. originally issued its 7,800 common shares at $23 per share and all are outstandings as of December 1,

Question #1 (7 marks) ACME Inc. originally issued its 7,800 common shares at $23 per share and all are outstandings as of December 1, 2024. REQUIRED: Prepare general journal entries for the following: 1) Dec 1, 2024 - Purchased and retired 700 common shares at $20/share. (3 marks) 2) Jan 1, 2024 - Purchased and retired 300 common shares at $25 per share. (4 marks)

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