Question
Sahali Corp. issued 1,000,000 common shares at $7 a share during April Year 1. On September 23, Year 7, Sahali repurchased 50,000 shares for $13
Sahali Corp. issued 1,000,000 common shares at $7 a share during April Year 1. On September 23, Year 7, Sahali repurchased 50,000 shares for $13 a share.
Sahali is incorporated under the CBCA and therefore retired these shares.
Instructions
Prepare the journal entry to record the repurchase of the shares.
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Practical Pension Scheme Accounting
Authors: Shona Harvie, Joanne Scriven, Phil Spary
2nd Edition
1526508974, 9781526508973
