QFAQ34- DerecognitionHomework Unanswered Due Today, 6:00 PMJanuary 1, 2012 - Company issues $10,000,000 of no par common shares at $10 each.DR. Cash $10,000,000CR. Common shares $10,000,000January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were noother capital transactions and the company had not paid any dividends.How would the journal entries change if the Company reacquires 100,000 common shares in the open market at $11 each and cancels themimmediately?Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.aInstead of CR. Contributed surplus, we would DR. Contributed surplus.bInstead of CR. Contributed surplus, we would DR. Retained earnings.сInstead of CR. Cash, we would DR. Common shares.dInstead of DR. Common shares, we should CR. Preferred SharesNone of the other options.Submit%5TGeUnansweredIF5A6YHMacBook Air4F6F7&7UJ* 008DIIF8|K(9DDF9O)OLF10P| 1(1F1113{+ 11=F12

Treasury stock is the stock that has been reacquired by the company from the existing stockholders.…

Answered: January 1, 2012-Company issues…

January 1, 2012-Company issues $10,000,000 of no par common shares at $10 each. DR. Cash $10,000,000 CR. Common shares $10,000,000

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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