On December 31,2015,Rebel Corporation's balance sheet reported the following.

During 2016,Rebel decided to discontinue accounting for share buybacks as treasury shares.Instead,the shares will be treated as having been retired.
Required:
Prepare the appropriate journal entry to effect this change.

Question

On December 31,2015,Rebel Corporation's balance sheet reported the following.
  
During 2016,Rebel decided to discontinue accounting for share buybacks as treasury shares.Instead,the shares will be treated as having been retired.
Required:
Prepare the appropriate journal entry to effect this change.

Quizplus · Accepted Answer

The Answer of On December 31,2015,Rebel Corporation's balance sheet reported the following.
  
During 2016,Rebel decided to discontinue accounting for share buybacks as treasury shares.Instead,the shares will be treated as having been retired.
Required:
Prepare the appropriate journal entry to effect this change.

On December 31,2015,Rebel Corporation's Balance Sheet Reported the Following