FMC Corp has 100 million shares of $1 par common stock authorized. The transactions below caused changes in FMC's outstanding shares. January 4, 2021: Repurchased and retired 1.90 million shares at $8.90 per share. June 25, 2021: Repurchased and retired 2.90 million shares at $2.90 per share. Prior to the transactions, FMC's shareholders' equity included the following: Common stock, 80.90 million shares at $1 par $ 80,900,000 Paid-in capital—excess of par 234,610,000 Retained earnings 129,000,000 Required: Prepare the journal entries to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
FMC Corp has 100 million shares of $1 par common stock authorized. The transactions below caused changes in FMC's outstanding shares. January 4, 2021: Repurchased and retired 1.90 million shares at $8.90 per share. June 25, 2021: Repurchased and retired 2.90 million shares at $2.90 per share. Prior to the transactions, FMC's shareholders' equity included the following: Common stock, 80.90 million shares at $1 par $ 80,900,000 Paid-in capital—excess of par 234,610,000 Retained earnings 129,000,000 Required: Prepare the journal entries to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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FMC Corp has 100 million shares of $1 par common stock authorized. The transactions below caused changes in FMC's outstanding shares.
| January | 4, 2021: | Repurchased and retired 1.90 million shares at $8.90 per share. | ||
| June | 25, 2021: | Repurchased and retired 2.90 million shares at $2.90 per share. |
Prior to the transactions, FMC's shareholders' equity included the following:
| Common stock, 80.90 million shares at $1 par | $ | 80,900,000 | |
| Paid-in capital—excess of par | 234,610,000 | ||
| 129,000,000 | |||
Required:
Prepare the journal entries to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No
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