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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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

E13.8 (LO 3) On January 1, 2020, the
equity section of Bergin ASA shows
share capital--ordinary (f5 par value)
£1,500,000; share premium-ordinary
£1,000,000; and retained earnings
f1,200,000. 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.

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