Sandhill Inc., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024: Common shares (1,320,000 shares issued and outstanding) Retained earnings On February 18, 2025, Sandhill Inc. repurchased and cancelled 300,000 common shares, paying $23.20 per share. (a) Your answer is partially correct. $27,720,000 $5,405,000 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Sandhill Inc., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024: Common shares (1,320,000 shares issued and outstanding) Retained earnings On February 18, 2025, Sandhill Inc. repurchased and cancelled 300,000 common shares, paying $23.20 per share. (a) Your answer is partially correct. $27,720,000 $5,405,000 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D1.
Transcribed Image Text:Sandhill Inc., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024:
Common shares (1,320,000 shares issued and outstanding)
Retained earnings
On February 18, 2025, Sandhill Inc. repurchased and cancelled 300,000 common shares, paying $23.20 per share.
(a)
Your answer is partially correct.
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 O for the amounts. List
all debit entries before credit entries.)
Account Titles and Explanation
Retained Earnings
$27,720,000
$5,405,000
Common Shares
Preffered Shares
Debit
6960000
Credit
6960000
6960000
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