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AC2260 TAKE HOME QUIZ JUNE 2019 (DUE WEDNESDAY JUNE 12) 1. (12%) Seven Corporation originally issued its common shares at $35 per share. REQUIRED: prepare journal entries for the following independent cases: (A) Prepare a journal entry to record the purchase and retirement of 500 shares if Seven Corporation paid $30 per share. The company has a retained earnings balance of $50,000 this is companys first share retirement. (B) Prepare a journal entry to record the purchase and retirement of 500 shares if Seven Corporation paid $40 per share. The company has retained earnings balance of $70,000 and this is companys first share retirement. (C)Prepare a journal entry to record the purchase and retirement of 500 shares if Seven Corporation paid $40 per share. The company has retained earnings balance of $80,000 and contributed capital from retirement of shares balance of $1,000. antwollor are benzo has vileuonsale