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Twain Ltd is incorporated on 1 July 2016. At that time, 1.2 million ordinary shares are issued for $1.65 each. By 30 June 2020, Twain
Twain Ltd is incorporated on 1 July 2016. At that time, 1.2 million ordinary shares are issued for $1.65 each. By 30 June 2020, Twain Ltd has retained earnings of $3.6 million and decides to buy back 275 000 ordinary shares at the market price of $2.60.
Required
Prepare the general journal entries to record the share issue and the buyback.
Do not copy from chegg.
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