Transfixed Corporation has 300,000 no par value common shares authorized, issued and outstanding which were all issued at $ 40 per share. On February 28, 2020, Transfixed reacquired 6,000 shares at a cost of $ 38 per share. On October 20, 2020, the company purchased and cancelled an additional 4,000 shares. The purchase cost was $ 44 per share.
Instructions
Prepare the journal entries to record the reacquisition of shares.

Question

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The Answer of Transfixed Corporation has 300,000 no par value common shares authorized, issued and outstanding which were all issued at $ 40 per share. On February 28, 2020, Transfixed reacquired 6,000 shares at a cost of $ 38 per share. On October 20, 2020, the company purchased and cancelled an additional 4,000 shares. The purchase cost was $ 44 per share.
Instructions
Prepare the journal entries to record the reacquisition of shares.

Transfixed Corporation Has 300,000 No Par Value Common Shares Authorized