Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these shares are trading for $10 per share. In the company's accounts, these shares had a value of $30,000,000. The equity accounts also show $450,000 of contributed surplus from previous repurchases of shares. On January 15, 2016, Cambridge repurchased and cancelled 100,000 shares at a cost of $10 per share. Later in the year, on August 20, the company repurchased and cancelled a further 300,000 shares at $15 per share. Record the journal entries for January 15, 2016 under ASPE. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Enter $0 for any journal entries that do not apply. DR. Common shares - Type your answer here DR. Cash- Type your answer here DR. Contributed surplus - Type your answer here DR. Retained earnings - Type your answer here CR. Common shares - Type your answer here.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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5
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3
Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had 2,500,000
shares issued and outstanding. On the stock exchange, these shares are trading for $10 per share. In the
company's accounts, these shares had a value of $30,000,000. The equity accounts also show $450,000 of
contributed surplus from previous repurchases of shares. On January 15, 2016, Cambridge repurchased and
cancelled 100,000 shares at a cost of $10 per share. Later in the year, on August 20, the company repurchased
and cancelled a further 300,000 shares at $15 per share. Record the journal entries for January 15, 2016 under
ASPE. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $
signs in your final answer. Enter $0 for any journal entries that do not apply.
DR. Common shares -
Type your answer here
DR. Cash- Type your answer here
DR. Contributed surplus-
DR. Retained earnings -
CR. Common shares-
F5
F12
6
Y
H
N
N
MacBook Air
F7
&
7
Type your answer here
Type your answer here.
Type your answer here
U
J
M
* 00
8
1
DII
F8
K
(
9
<
о
F9
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F10
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;
{
[
+ 11
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=
11
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}
1
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Transcribed Image Text:% 5 T 3 Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these shares are trading for $10 per share. In the company's accounts, these shares had a value of $30,000,000. The equity accounts also show $450,000 of contributed surplus from previous repurchases of shares. On January 15, 2016, Cambridge repurchased and cancelled 100,000 shares at a cost of $10 per share. Later in the year, on August 20, the company repurchased and cancelled a further 300,000 shares at $15 per share. Record the journal entries for January 15, 2016 under ASPE. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Enter $0 for any journal entries that do not apply. DR. Common shares - Type your answer here DR. Cash- Type your answer here DR. Contributed surplus- DR. Retained earnings - CR. Common shares- F5 F12 6 Y H N N MacBook Air F7 & 7 Type your answer here Type your answer here. Type your answer here U J M * 00 8 1 DII F8 K ( 9 < о F9 L ) O F10 P A ; { [ + 11 ? = 11 . } 1 dele
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