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Westlet reported the following information in the notes to its 215 financial statements: 1. Taking into account the Share Split, the total number of common
Westlet reported the following information in the notes to its 215 financial statements: 1. Taking into account the Share Split, the total number of common shares repurchased for cancellation under the 25132514 NCIE and the 214215 NCIE during the year ended February 1, 2515, amounted to 9,222,522 common shares {February 2, 2514 2,445,835 common shares under the 213214 NCIE) for a total cash consideration of $435,221 (February 2, 2|]14 $293,231). For the year ended February 1, 2915, the Corporation's share capital was reduced by $32,332 (February 2, 2|] 14 $25,451?!) and the remaining $403,234 (February 2, 21114 $255,241] was accounted for as a reduction of retained earnings. Page 553 Required: 1. Prepare the journal entry to record the share repurchase transaction
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