Answer Happy

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.
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.