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Share Buy-Backs Rice Pudding Restaurants Ltd. has issued 180,000 shares with an average issue price of $9.00 and a Retained Earnings balance of $152,000. In

Share Buy-Backs

Rice Pudding Restaurants Ltd. has issued 180,000 shares with an average issue price of $9.00 and a Retained Earnings balance of $152,000. In April of 2021 the Board of Directors decides to buy back shares from the open market.

They buy 5,000 shares on April 21st for $8.50 per share. Show the journal that is required when processing the share repurchase.

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