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What should be the correct answers? Oriole Ltd. had the following share transactions during its first year of operations: Jan. 6 Issued 164,000 common shares
What should be the correct answers?
Oriole Ltd. had the following share transactions during its first year of operations: Jan. 6 Issued 164,000 common shares for $1.50 per share. Jan. 12 Issued 41,000 common shares for $1.75 per share. Mar. 17 Issued 800 preferred shares for $105 per share. July 18 Issued 820,000 common shares for $2 per share. Nov. 17 Reacquired 164,000 common shares for $1.95 per share. Dec. 30 Reacquired 123,000 common shares for $1.80 per share. Your answer is partially correct. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round average per share to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 6 Cash 246000 Common Shares 246000 (Issued common shares for cash.) Jan. 12 Cash 71750 Common Shares 71750 (Issued common shares for cash.) Mar. 17 Cash 84000 Preferred Shares 84000 (Issued preferred shares for cash.) Q10 cach 121nnn July 18 Cash 1640000 Common Shares 1640000 (Issued common shares for cash.) Nov. 17 Common Shares 246000 PA Contributed Surplus - Reacquisition of Common Shares 73800 Cash 319800 (To record reacquisition of common shares.) Dec. 30 Common Shares 235750 Contributed Surplus - Reacquisition of Common Shares 14350 Cash 221400 (To record reacquisition of common shares.) How many common shares remain at the end of the year and what is their average per share? (Round average per share to 2 decimal places, e.g. 52.75.) Remaining common shares 738000 Average per share $ 1.92Step by Step Solution
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