Quadrant Corporation originally issued its common shares at $45 per share.
(1)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $25 per share.
(2)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $75 per share.Quadrant has $12,000 in contributed capital from the previous retirement of common shares.
$\begin{array}{|l|l|l|}
\hline \text { Common Shares }(600 * 45) & 27,000 & \
\hline \text { Contributed Capital from the Retirement of Common Shares } & & 12,000 \
\hline \text { Cash } & & 15,000 \
\hline
\end{array}$

Question

Quadrant Corporation originally issued its common shares at $45 per share.
(1)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $25 per share.
(2)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $75 per share.Quadrant has $12,000 in contributed capital from the previous retirement of common shares.
 $\begin{array}{|l|l|l|}
\hline \text { Common Shares }(600 * 45) & 27,000 & \
\hline \text { Contributed Capital from the Retirement of Common Shares } & & 12,000 \
\hline \text { Cash } & & 15,000 \
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of Quadrant Corporation originally issued its common shares at $45 per share.
(1)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $25 per share.
(2)Prepare a journal entry to record the retirement of 600 shares if Quadrant Corporation paid $75 per share.Quadrant has $12,000 in contributed capital from the previous retirement of common shares.
 $\begin{array}{|l|l|l|}
\hline \text { Common Shares }(600 * 45) & 27,000 & \
\hline \text { Contributed Capital from the Retirement of Common Shares } & & 12,000 \
\hline \text { Cash } & & 15,000 \
\hline
\end{array}$

Quadrant Corporation Originally Issued Its Common Shares at $45 Per