Sherbrooke Corporation has an unlimited number of common shares authorized and 80,000 common shares issued. At December 31, 2021, Sherbrooke had a balance in the Common Shares account of $200,000 and a balance of $1,200 in the Contributed Surplus account. On January 1, 2022, Sherbrooke repurchased and retired 8,000 common shares at a price of $2.75 cash per share. Prepare the journal entry for the repurchase of shares. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial >¶¶T< - + V ¶T 10pt X 88 A 旺 I 田氏图 T() 3Q 2 א КУ 191⁰ |||| IW x²2 X₂ B #
Sherbrooke Corporation has an unlimited number of common shares authorized and 80,000 common shares issued. At December 31, 2021, Sherbrooke had a balance in the Common Shares account of $200,000 and a balance of $1,200 in the Contributed Surplus account. On January 1, 2022, Sherbrooke repurchased and retired 8,000 common shares at a price of $2.75 cash per share. Prepare the journal entry for the repurchase of shares. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial >¶¶T< - + V ¶T 10pt X 88 A 旺 I 田氏图 T() 3Q 2 א КУ 191⁰ |||| IW x²2 X₂ B #
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
share capital
Transcribed Image Text:Sherbrooke Corporation has an unlimited number of common shares authorized and 80,000 common shares issued. At December 31, 2021, Sherbrooke had a balance in the Common Shares account of $200,000 and a balance of
$1,200 in the Contributed Surplus account.
On January 1, 2022, Sherbrooke repurchased and retired 8,000 common shares at a price of $2.75 cash per share.
Prepare the journal entry for the repurchase of shares.
(Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)
For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
BIUS
Paragraph
Arial
>¶ ¶<
-
V
¶T
10pt
A
X
88
A
AC
*
I
田氏图 T ()
ג א
Ку
ווין
IW
x²2 X₂
B
:
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