The Data Group Inc. had the following balances in its equity accounts at December 31, 2022: Common shares, unlimited shares authorized; 220,000 shares issued and outstanding Retained earnings $4,400,000 480,000 During 2023, the following equity transactions occurred: Apr. 15 Repurchased and retired 9,400 common shares at $18.40 per share. May 1 Repurchased and retired 19,000 common shares at $21.60 per share. Nov. 1 The board of directors declared a 2:1 share split effective on this date. Required: 1. Prepare journal entries to account for the transactions during 2023 (assuming the retirements were the first ever recorded by The Data Group Inc.). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the purchased and retired 9,400 shares below cost. > Check
The Data Group Inc. had the following balances in its equity accounts at December 31, 2022: Common shares, unlimited shares authorized; 220,000 shares issued and outstanding Retained earnings $4,400,000 480,000 During 2023, the following equity transactions occurred: Apr. 15 Repurchased and retired 9,400 common shares at $18.40 per share. May 1 Repurchased and retired 19,000 common shares at $21.60 per share. Nov. 1 The board of directors declared a 2:1 share split effective on this date. Required: 1. Prepare journal entries to account for the transactions during 2023 (assuming the retirements were the first ever recorded by The Data Group Inc.). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the purchased and retired 9,400 shares below cost. > Check
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Data Group Inc. had the following balances in its equity accounts at December 31, 2022:
Common shares, unlimited shares authorized; 220,000 shares
issued and outstanding
Retained earnings
$4,400,000
480,000
During 2023, the following equity transactions occurred:
Apr. 15 Repurchased and retired 9,400 common shares at $18.40 per share.
May
1 Repurchased and retired 19,000 common shares at $21.60 per share.
Nov. 1 The board of directors declared a 2:1 share split effective on this date.
Required:
1. Prepare journal entries to account for the transactions during 2023 (assuming the retirements were the first ever recorded by The
Data Group Inc.). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
3
Record the purchased and retired 9,400 shares below cost.
>
Check
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