At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par Common shares, 181,900 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 217,600 472,940 111,500 557,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,700 common shares bought and retired at $4 per share 16 March 4,700 preferred shares bought and retired at $30.50 per share 20 May 10,000 common shares bought and retired at $1 per share 25 May 2,400 preferred shares bought and retired at $16.70 per share 30 May 11,500 common shares issued at $8.70 per share 15 Nov. 5,500 common shares bought and retired at $22 per share Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round vour finalanswers to the nearest whole dollar If no entry is required for a transection/event select "No journal entry reguired" in
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par Common shares, 181,900 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 217,600 472,940 111,500 557,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,700 common shares bought and retired at $4 per share 16 March 4,700 preferred shares bought and retired at $30.50 per share 20 May 10,000 common shares bought and retired at $1 per share 25 May 2,400 preferred shares bought and retired at $16.70 per share 30 May 11,500 common shares issued at $8.70 per share 15 Nov. 5,500 common shares bought and retired at $22 per share Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round vour finalanswers to the nearest whole dollar If no entry is required for a transection/event select "No journal entry reguired" in
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:At the beginning of 20X1, the accounting records of Friends Corp. reported the following:
$ 217,600
Preferred shares, 8,000 shares outstanding, no-par
Common shares, 181,900 shares outstanding, no-par
Contributed capital on common share retirement
Retained earnings
472,940
111,500
557,500
During the year, the company acquired and retired shares, while other shares were issued:
15 March 25,700 common shares bought and retired at $4 per share
16 March 4,700 preferred shares bought and retired at $30.50 per share
20 May 10,000 common shares bought and retired at $1 per share
25 May 2,400 preferred shares bought and retired at $16.70 per share
30 May 11,500 common shares issued at $8.70 per share
15 Nov. 5,500 common shares bought and retired at $22 per share
Required:
1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round
your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in
the first account field.)

Transcribed Image Text:No
Date
General Journal
Debit
Credit
1
15 March
Common shares
66,820 O
Contributed capital on common share retirement
35,980 O
Cash
102,800
2
16 March
Preferred shares
127,840
Contributed capital on preferred share retirement
15,510 V
Cash
143,350
3
20 May
Common shares
26,000
Cash
10,000
Contributed capital on common share retirement
16,000
4
25 May
Preferred shares
65,280 V
Cash
40,080
Contributed capital on preferred share retirement
25,200
30 May
Cash
100,050
Common shares
100,050
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