Assume that a company issued 10,000 shares for $30 and a par value of $2/share.What entry would be required to record the repurchase and cancellation of 1,000 shares at $28/share?

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When shares are repurchased and cancelled, the common shares account is debited for the par value of the shares repurchased. In this case, 1,000 shares with a par value of $2 each are repurchased, so the entry would be a debit to common shares for $2,000 (1,000 shares x $2 par value).

Assume That a Company Issued 10,000 Shares for $30 and a Par