Repurchase of shares:

the shareholders' equity section of Pretty Ornament, Inc's, Balance sheet as if January 1st, 2019 was as follows:

Share capital:

Common shares. no par-value

120,000 shares authorised

50,000 shares issued.............$ 750,000

Retained earnings..................312,000

Total shareholders' equity...... $1,062,000

calucukate the average price of common shares before you prepare the journal entries

REPURCHASE OF SHARES The shareholders' equity section of Pretty Ornament, Inc.'s, Balance sheet as of January 19, 2019 was as follows: Share capital: Common shares, no-par value, 120,000 shares authorized, 50,000 shares issued.. $750,000 Retained earnings.... 312.000 Total shareholders equity..... $1,062,000 HINT: Calculate the average price of common shares before you prepare the journal entries. Required: Prepare General Journal entries to record the purchase and retirement of shares on each of the following dates: (a) February 20, 2019 - The Company purchased and retired 1,000 common shares for $12 per share Date Account PR Debit Credit (b) October 14, 2019 - 1,000 shares were purchased and retired for $18 per share Date Account PR Debit Credit