On January 1st, Dayman Inc. conducts an IPO. The firm has 20,000 shares authorized and decides to issue 5,200 common shares of $0.01 par value for $23 cash per share. On February 7th, Dayman Inc. repurchased 300 shares of their common stock for $45 cash per share. On March 9th, the Dayman Inc. resells 100 of the repurchased shares of common stock for $56 cash per share. 1. Please provide the journal entry to record the issuance of the shares on January 1st. 2. Please provide the journal entry to record the repurchase of shares on February 7th. 3. Please provide the journal entry to record the resale/reissuance of the 100 treasury shares on March 9th.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
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Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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On January 1st, Dayman Inc. conducts an IPO. The firm has 20,000 shares authorized and decides to issue 5,200 common shares of $0.01 par value for $23 cash per share. On February 7th, Dayman Inc. repurchased 300 shares of their common stock for $45 cash per share. On March 9th, the Dayman Inc. resells 100 of the repurchased shares of common stock for $56 cash per share.
1. Please provide the journal entry to record the issuance of the shares on January 1st.
2. Please provide the journal entry to record the repurchase of shares on February 7th.
3. Please provide the journal entry to record the resale/reissuance of the 100 treasury shares on March 9th.
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