has 100,000 shares of $1 par value common stock authorized and 80,000 shares issued. Its shareholder's equity includes t

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has 100,000 shares of $1 par value common stock authorized and 80,000 shares issued. Its shareholder's equity includes the following: Common stock, 80,000 shares at $1 par $80,000 $140,000 Paid-in capital - excess of par Retained earnings $110,000 *** During the year, ABC Company engaged in the following transactions: January 2, 2021: June 20, 2021: Repurchased and retired 10,000 shares at a cost of $9 per share. Repurchased and retired 20,000 shares at a cost of $2.50 per share. 2021 and June 20.

Has 100 000 Shares Of 1 Par Value Common Stock Authorized And 80 000 Shares Issued Its Shareholder S Equity Includes T 1 (30.87 KiB) Viewed 36 times

ABC Company has 100,000 shares of $1 par value common stock authorized and 80,000 shares issued. Its shareholder's equity includes the following: Common stock, 80,000 shares at $1 par $80,000 $140,000 Paid-in capital - excess of par Retained earnings $110,000 During the year, ABC Company engaged in the following transactions: January 2, 2021: June 20, 2021: Repurchased and retired 10,000 shares at a cost of $9 per share.. Repurchased and retired 20,000 shares at a cost of $2.50 per share. Required: Prepare the entries that would be required on January 2, 2021 and June 20, 2021, assuming the company treats the repurchased shares as retired shares.