Reacquisition of shares Transfixed Corporation has 300,000 no par value common shares authorized, issued, and outstanding which were all issued at $40 per share. On February 28, 2023, Transfixed reacquired 6,000 shares at a cost of $38 per share. On October 20, 2023, the company purchased and cancelled an additional 4,000 shares. The purchase cost was $44 per share. Required Prepare the journal entries to record the reacquisition of shares.

Reacquisition of shares Transfixed Corporation has 300,000 no par value common shares authorized, issued, and outstanding which were all issued at $40 per share. On February 28, 2023, Transfixed reacquired 6,000 shares at a cost of $38 per share. On October 20, 2023, the company purchased and cancelled an additional 4,000 shares. The purchase cost was $44 per share. Required Prepare the journal entries to record the reacquisition of shares.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 4RE: Sun Corporation issues 500 shares of 8 par common stock for a patent. The stock is currently selling...

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Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
Sun Corporation issues 500 shares of 8 par common stock for a patent. The stock is currently selling for 37 per share on the open market, and no significant impact on the market price is expected by the issuance of the additional shares. Prepare the journal entry to record this transaction.
Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were originally issued at an average price of $10 per share. Later it resells 6,000 of the shares for $15 per share and the remaining 4,000 shares for $17 per share. How much gain or loss should Ames report on its income statement as a result of these transactions? $38.000 gain $0 $20,000 loss $20,000 loss and $38,000 gain
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3. VUR Industries Inc. originally issued its 4,300 common shares at $32 per share and all are outstanding as of February 1, 2023. REQUIRED: Prepare general Journal entries for the following: 1) Feb 1, 2023 - Purchased and retired 433 common shares at $25/share. 2) Nov 1, 2023 - Purchased and retired 644 common shares at $46/share.
Accounting On 1 January 2021, ADE Ltd. reported the following in shareholders' equity: Preferred shares, no-par value; authorized, unlimited shares; issued, 100,000 shares 2,500,000 Common shares, no-par value; authorized, unlimited shares; issued, 620,000 shares 4,960,000 Contributed capital on retirement of preferred shares 30,000 Retained earnings 3,850,000 The company acquired and retired shares in the following sequence during 2021: Retired 20,000 common shares at $12 per share. a. Retired 30,000 common shares at $6 per share. o. Retired 10,000 preferred shares at $30 per share. c. Retired 5,000 preferred shares at $22 per share. Required: 1. Prepare journal entries for the share retirement transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Retired 20,000 common shares at $12 per share. Common shares (20000 a. Retired 30,000 common shares at $6 per share. a. Retired 10,000 preferred shares at $30 per…
2. Unum Group has 100 million shares of $1 par common stock authorized. The transactions below caused changes in Unum's outstanding shares. January 4, 2021: Repurchased and retired 2.70 million shares at $7.30 per share. June 25, 2021: Repurchased and retired 3.70 million shares at $1.80 per share. Prior to the transactions, Unum's shareholders' equity included the following: Common stock, 79.30 million shares at $1 par $ 79,300,000 Paid-in capital—excess of par 142,740,000 Retained earnings 113,000,000 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.)