Snowflake Corporation's shareholders' equity section at December 31, 2019 appears below:
Shareholders' equity Instructions
In 2020 Snowflake repurchases 2,000 shares. Please treat the following two situations independently.
a) If the shares are repurchased at $9 / share, record this transaction. What is the impact of this repurchase on the shareholders' equity accounts?
b) If the shares are repurchased at $11 / share, record this transaction. What is the impact of this repurchase on the shareholders' equity accounts?

Question

Snowflake Corporation's shareholders' equity section at December 31, 2019 appears below:
Shareholders' equity  Instructions
In 2020 Snowflake repurchases 2,000 shares. Please treat the following two situations independently. 
a) If the shares are repurchased at $9 / share, record this transaction. What is the impact of this repurchase on the shareholders' equity accounts?
b) If the shares are repurchased at $11 / share, record this transaction. What is the impact of this repurchase on the shareholders' equity accounts?

Quizplus · Accepted Answer

The Answer of Snowflake Corporation's shareholders' equity section at December 31, 2019 appears below:
Shareholders' equity  Instructions
In 2020 Snowflake repurchases 2,000 shares. Please treat the following two situations independently. 
a) If the shares are repurchased at $9 / share, record this transaction. What is the impact of this repurchase on the shareholders' equity accounts?
b) If the shares are repurchased at $11 / share, record this transaction. What is the impact of this repurchase on the shareholders' equity accounts?

Snowflake Corporation's Shareholders' Equity Section at December 31, 2019 Appears