During the year, the company acquired and retired shares, while other shares were issued:

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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At the beginning of 20X1, the accounting records of Friends Corp. reported the following:
Preferred shares, 8,000 shares outstanding, no-par
Common shares, 182,500 shares outstanding, no-par
Contributed capital on common share retirement
Retained earnings
$ 204,000
370,475
112,000
560,000
During the year, the company acquired and retired shares, while other shares were issued:
15 March 26,200 common shares bought and retired at $4 per share
16 March 5,000 preferred shares bought and retired at $28.20 per share
20 May 10,400 common shares bought and retired at $1 per share
25 May 2,500 preferred shares bought and retired at $19.90 per share
30 May 11,900 common shares issued at $14.90 per share
15 Nov. 6,100 common shares bought and retired at $24 per share
Transcribed Image Text:At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par Common shares, 182,500 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 204,000 370,475 112,000 560,000 During the year, the company acquired and retired shares, while other shares were issued: 15 March 26,200 common shares bought and retired at $4 per share 16 March 5,000 preferred shares bought and retired at $28.20 per share 20 May 10,400 common shares bought and retired at $1 per share 25 May 2,500 preferred shares bought and retired at $19.90 per share 30 May 11,900 common shares issued at $14.90 per share 15 Nov. 6,100 common shares bought and retired at $24 per share
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