Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. Amazon had 1,500,000 shares of $50 par common stock outstanding.Feb. 5 Repurchased 1,000 shares of stock at $51 per shareMarch 11 Reissued 500 shares of stock at $52 per shareShow the journal entry to record the March 11 transaction.

The journal entry is the primary reporting of the business transactions in the books of accounts.…

Answered: Amazon had 1,500,000 shares of $50 par…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description Engagement 1 Engagement 2 (1) Gross income before new work engagement $ 120,000 $ 120,000 (2) Income from engagement 7,000 5,000 (3) Additional for AGI deduction (3,000) (4) Adjusted gross income $ 124,000 $ 125,000 (5) Greater of itemized deductions or standard deduction (6) Deduction for QBI (1,000) Taxable income
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Amazon had 1,500,000 shares of $50 par common stock outstanding. Feb. 5 Repurchased 1,000 shares of stock at $51 per share March 11 Reissued 500 shares of stock at $52 per share Show the journal entry to record the March 11 transaction.