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Corporation A has the following shareholders' equity on December 31, 2024 Shareholders' equity Share capital $10 convertible preferred shares 10000 shares authorized, 4600 shares issued Common shares. 196000 shares authorized, 70000 shares issued i Total share capital Retained earnings Total shareholders' equity $573000 1750000 2323000 454000 $2777000 If 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O credit Retained Earnings for $9800 O credit Common Shares for $254800 O credit Contributed Surplus-Reacquisition of Shares for $9800 O debit Common Shares for $245000

Corporation A has the following shareholders' equity on December 31, 2024 Shareholders' equity Share capital $10 convertible preferred shares 10000 shares authorized, 4600 shares issued Common shares. 196000 shares authorized, 70000 shares issued i Total share capital Retained earnings Total shareholders' equity $573000 1750000 2323000 454000 $2777000 If 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O credit Retained Earnings for $9800 O credit Common Shares for $254800 O credit Contributed Surplus-Reacquisition of Shares for $9800 O debit Common Shares for $245000

FINANCIAL ACCOUNTING
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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Corporation A has the following shareholders' equity on December 31, 2024: Shareholders' equity Share capital $10 convertible preferred shares, 10000 shares authorized, 4600 shares issued Common shares, 196000 shares authorized, 70000 shares issued Total share capital Retained earnings Total shareholders' equity $573000 1750000 2323000 454000 $2777000 If 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O credit Retained Earnings for $9800. O credit Common Shares for $254800. O credit Contributed Surplus-Reacquisition of Shares for $9800. O debit Common Shares for $245000. E

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Corporation A has the following shareholders' equity on December 31, 2024 Shareholders' equity Share capital $10 convertible preferred shares 10000 shares authorized, 4600 shares issued Common shares. 196000 shares authorized, 70000 shares issued Total share capital Retained earnings Total shareholders' equity $573000 1750000 2323000 454000 $2777000 If 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O credit Retained Earnings for $9800 O credit Common Shares for $254800 O credit Contributed Surplus-Reacquisition of Shares for $9800 O debit Common Shares for $245000 4
Transcribed Image Text:Corporation A has the following shareholders' equity on December 31, 2024 Shareholders' equity Share capital $10 convertible preferred shares 10000 shares authorized, 4600 shares issued Common shares. 196000 shares authorized, 70000 shares issued Total share capital Retained earnings Total shareholders' equity $573000 1750000 2323000 454000 $2777000 If 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O credit Retained Earnings for $9800 O credit Common Shares for $254800 O credit Contributed Surplus-Reacquisition of Shares for $9800 O debit Common Shares for $245000 4
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