The XYZ Corporation sells 1 million shares of common shares,no par value,for $17 per share.One year later the corporation repurchases 100,000 shares at a market price of $14 a share.
For each transaction,prepare the journal entry and show the effect on assets,liabilities and shareholders' equity.

Question

Quizplus · Accepted Answer

The Answer of The XYZ Corporation sells 1 million shares of common shares,no par value,for $17 per share.One year later the corporation repurchases 100,000 shares at a market price of $14 a share.
For each transaction,prepare the journal entry and show the effect on assets,liabilities and shareholders' equity.

The XYZ Corporation Sells 1 Million Shares of Common Shares,no