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 January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were no other capital transactions and the company had not paid any dividends. How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Type your numeric answer and submit
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 January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were no other capital transactions and the company had not paid any dividends. How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Type your numeric answer and submit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Q
J
Q33-Derecognition
Homework Unanswered Due Today, 6:00 PM
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
January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were no
other capital transactions and the company had not paid any dividends.
How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not round
intermediary answers. Do not use $ signs in your final answer.
Type your numeric answer and submit
Submit
Unanswered
%
5
T
G
915
F5
A
6
Y
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Transcribed Image Text:Q
J
Q33-Derecognition
Homework Unanswered Due Today, 6:00 PM
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
January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were no
other capital transactions and the company had not paid any dividends.
How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not round
intermediary answers. Do not use $ signs in your final answer.
Type your numeric answer and submit
Submit
Unanswered
%
5
T
G
915
F5
A
6
Y
H
MacBook Air
F7
F6
&
7
U
J
8
DII
F8
K
(
9
F9
O
)
O
L
4
F10
P
-
di
F11
{
+ 11
[
I
=
F12
}
1
1
de
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