On December 31, 2020, Rebel Corporation's balance sheet reported the following. Common stock, $1 par • Paid-in capital-excess of par Retained earnings Treasury stock (15,000 shares at cost) $1,000,000 3, 500, 000 5,230, 000 (450, 00) During 2021, Rebel decided to discontiñue accounting for share buybacks as treasury shares. Instead, the shares will be treated as having been retired. Required: Prepare the appropriate journal entry to effect this change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On December 31, 2020, Rebel Corporation's balance sheet reported the following. Common stock, $1 par • Paid-in capital-excess of par Retained earnings Treasury stock (15,000 shares at cost) $1,000,000 3, 500, 000 5,230, 000 (450, 00) During 2021, Rebel decided to discontiñue accounting for share buybacks as treasury shares. Instead, the shares will be treated as having been retired. Required: Prepare the appropriate journal entry to effect this change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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