E13.8 (LO 3) On January 1, 2020, the equity section of Bergin ASA shows share capital-ordinary (£5 par value) £1,500,000; share premium-ordinary £1,000,000; and retained earnings £1,200,000. During the year, the following treasury share transactions occurred. Journalize treasury share transactions. Mar. Purchased 50,000 shares for 1 cash at £12 per share. July Sold 10,000 treasury shares for 1 cash at £14 per share. Sept. Sold 8,000 treasury shares for 1 cash at £10 per share. Instructions a. Journalize the treasury share transactions. b. Restate the entry for September 1, assuming the treasury shares were sold at £9 per share.

E13.8 (LO 3) On January 1, 2020, the equity section of Bergin ASA shows share capital-ordinary (£5 par value) £1,500,000; share premium-ordinary £1,000,000; and retained earnings £1,200,000. During the year, the following treasury share transactions occurred. Journalize treasury share transactions. Mar. Purchased 50,000 shares for 1 cash at £12 per share. July Sold 10,000 treasury shares for 1 cash at £14 per share. Sept. Sold 8,000 treasury shares for 1 cash at £10 per share. Instructions a. Journalize the treasury share transactions. b. Restate the entry for September 1, assuming the treasury shares were sold at £9 per share.

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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