Sahali Corp. issued 1,000,000 common shares at $7 a share during April Year 1. On September 23, Year 7, Sahali repurchased 50,000 shares for $13 a share. Sahali is incorporated under the CBCA and therefore retired these shares. Instructions Prepare the journal entry to record the repurchase of the shares.
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Sahali Corp. issued 1,000,000 common shares at $7 a share during April Year 1. On September 23, Year 7, Sahali repurchased 50,000 shares for $13 a share.
Sahali is incorporated under the CBCA and therefore retired these shares.
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- Blue Spruce Corporation purchased 300 common shares of Burke Inc. for $22,830 and accounted for them using FV-OCI. During the year, Burke paid a cash dividend of $3.45 per share. At year end, Burke shares had a fair value of $72.50 per share. (a) Prepare Blue Spruce's journal entry to record the purchase of the investment. (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 O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit CreditOn July 1, 2021, Gameshop Corp., repurchased 2,000 shares of its outstanding common sharesfor $18 per share.Prepare journal entries for the transaction under each of the following independent assumptions: (1) The average cost of previously issued common shares was $20 per share;(2) The average cost of common shares previously issued was $10 per share and contributedsurplus of $20,000 existed with respect to earlier common share repurchases;(3) The average cost of common shares previously issued was $10 per share and contributedsurplus of $5,000 existed with respect to earlier common share repurchases.On July 1, 2021, Gameshop Corp., repurchased 2,000 shares of its outstanding common sharesfor $18 per share.Prepare journal entries for the transaction under each of the following independent assumptions: (2) The average cost of common shares previously issued was $10 per share and contributedsurplus of $20,000 existed with respect to earlier common share repurchases;
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- On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per share. Starbar Corp. then reissued 500 of those shares for $11 per share on July 1. The required journal for July 1 includes what debit(s) and credit(s)? Assume no treasury stock transactions.Aylmer Corp has the following transactions relating to investments. Aylmer Corp has a December 31 year end. 01-Sep-19 Aylmer Corp purchased 3,100 shares of Belmont Inc at $13.00 per share. 31-Oct-19 Belmont Inc paid dividends of $5.00 per share. 31-Dec-19 Belmont Inc shares had a fair value of $12.00 per share. 31-Dec-19 Belmont Inc reported net income of $63,000 for the year. 01-Mar-20 Aylmer Corp sold all of Belmont Inc shares for $17.00 per share. Additional Information: Assume Aylmer Corp uses the fair value through other comprehensive income (FV-OCI) method to account for its investments. Dividend income is required to be recorded in a separate account. REQUIRED: Prepare the appropriate entries for the above transactions.The company repurchased 10,000 shares of $1 par common stock for a total of $300,000. None of the shares were retired. A month later, the company sold 4,000 of these shares for $144,000. The shares were initially issued for $20 per share. Make the necessary journal entries to record the repurchase of the 10,000 shares and the subsequent sale of the 4,000 shares