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Rock Bottom Gold Company recently repurchased 7.19 million shares of its common stock for $48 per share. The intent of the repurchase was to increase earnings per share to be more in line with competitors. Required: 1. Determine the impact of the stock repurchase on assets, liabilities, and stockholders' equity. (Enter your answers in whole dollar not in millions (i.e., 1,000,000 not 1.0). Negative amounts should be indicated by a minus sign.) Assets Liabilities Stockholders' equity 2. Prepare the journal entry to record the repurchase. (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 not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet 1 Record the repurchase of common stock for $48 per share. Note: Enter debits before credits. Transaction 1 Treasury stock General Journal Debit Credit

Rock Bottom Gold Company recently repurchased 7.19 million shares of its common stock for $48 per share. The intent of the repurchase was to increase earnings per share to be more in line with competitors. Required: 1. Determine the impact of the stock repurchase on assets, liabilities, and stockholders' equity. (Enter your answers in whole dollar not in millions (i.e., 1,000,000 not 1.0). Negative amounts should be indicated by a minus sign.) Assets Liabilities Stockholders' equity 2. Prepare the journal entry to record the repurchase. (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 not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet 1 Record the repurchase of common stock for $48 per share. Note: Enter debits before credits. Transaction 1 Treasury stock General Journal Debit Credit

FINANCIAL ACCOUNTING
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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Rock Bottom Gold Company recently repurchased 7.19 million shares of its common stock for $48 per share. The intent of the repurchase was to increase earnings per share to be more in line with competitors. Required: 1. Determine the impact of the stock repurchase on assets, liabilities, and stockholders' equity. (Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). Negative amounts should be indicated by a minus sign.) Assets Liabilities Stockholders' equity 2. Prepare the journal entry to record the repurchase. (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 not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < 1 Record the repurchase of common stock for $48 per share. Note: Enter debits before credits. Transaction 1 Treasury stock General Journal Debit Credit
Transcribed Image Text:Rock Bottom Gold Company recently repurchased 7.19 million shares of its common stock for $48 per share. The intent of the repurchase was to increase earnings per share to be more in line with competitors. Required: 1. Determine the impact of the stock repurchase on assets, liabilities, and stockholders' equity. (Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). Negative amounts should be indicated by a minus sign.) Assets Liabilities Stockholders' equity 2. Prepare the journal entry to record the repurchase. (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 not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < 1 Record the repurchase of common stock for $48 per share. Note: Enter debits before credits. Transaction 1 Treasury stock General Journal Debit Credit
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