A corporation repurchases 200 of its common shares initially issued for $6 per share for $7 per share.The entry to record the reacquisition requires a debit to:
A) contributed surplus-shares repurchase for $200
B) common shares for $1,200
C) common shares for $1,400
D) retained earnings for $1,200
Correct Answer:
Verified
Q85: The Canada Business Corporations Act and most
Q86: When repurchased shares are sold,retained earnings could
Q87: Describe the similarities and differences of stock
Q88: Table 14-3
Following is the shareholders' equity
Q89: A corporation purchases 200 of its common
Q91: A corporation repurchases 2,000 of its common
Q92: IMHO Incorporated,a management consulting provider,has prospered during
Q93: The difference between unissued shares and treasury
Q94: A corporation repurchases 1,000 of its common
Q95: Under the Canada Business Corporations Act,a company
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents