During the year, the company acquired and retired shares, while other shares were issued:
During the year, the company acquired and retired shares, while other shares were issued:
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:
Preferred shares, 8,000 shares outstanding, no-par
Common shares, 182,500 shares outstanding, no-par
Contributed capital on common share retirement
Retained earnings
$ 204,000
370,475
112,000
560,000
During the year, the company acquired and retired shares, while other shares were issued:
15 March 26,200 common shares bought and retired at $4 per share
16 March 5,000 preferred shares bought and retired at $28.20 per share
20 May 10,400 common shares bought and retired at $1 per share
25 May 2,500 preferred shares bought and retired at $19.90 per share
30 May 11,900 common shares issued at $14.90 per share
15 Nov. 6,100 common shares bought and retired at $24 per share
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