Provide the journal entry that would have been required if Wildhorse had paid $10.00 per share when the shares were repurchased. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Provide the journal entry that would have been required if Wildhorse had paid $10.00 per share when the shares were repurchased. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Wildhorse Ltd., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024:
Common shares (1,072,000 shares issued and outstanding) $13,936,000
Retained earnings
$5,326,000
On January 22, 2025, Wildhorse Ltd. repurchased and cancelled 194,000 common shares, paying $17.00 per share.
(a)
Provide the journal entry to record the share repurchase transaction. (Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0
for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
(b)
Common Shares
Retained Earnings
Cash
eTextbook and Media
List of Accounts
Your answer is partially correct.
Account Titles and Explanation
Provide the journal entry that would have been required if Wildhorse had paid $10.00 per share when the shares were
repurchased. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No entry for the account titles and enter O for the amounts. List all debit entries before credit
entries.)
Common Shares
Retained Earnings
Debit
Cash
Debit
2.522.000
Credit
582,000
Credit
3,104,000
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