Be Happy Corp. had 300,000 common shares issued and outstanding on January 1, 2028 with a value of $5,400,000. There was no balance in the contributed surplus account. • On February 5, they issued 20,000 shares at $20 per share. . on March 29th they issued another 40,000 shares for proceeds of $680,000 on July 10th they repurchased and immediately cancelled 30,000 shares for $16 per share on November 10th they repurchased and immediately cancelled 80,000 shares for $1,540,000 Required: Please prepare the journal entry for the repurchase on NOVEMBER 10 (note: only prepare journal entry for November 10th transaction).

Be Happy Corp. had 300,000 common shares issued and outstanding on January 1, 2028 with a value of $5,400,000. There was no balance in the contributed surplus account. • On February 5, they issued 20,000 shares at $20 per share. . on March 29th they issued another 40,000 shares for proceeds of $680,000 on July 10th they repurchased and immediately cancelled 30,000 shares for $16 per share on November 10th they repurchased and immediately cancelled 80,000 shares for $1,540,000 Required: Please prepare the journal entry for the repurchase on NOVEMBER 10 (note: only prepare journal entry for November 10th transaction).

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 6MCQ: Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were...

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