am.111. The Irish Lontoc Corporation was authorized to issue 150,000 no - par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, TheIrish Lontoc Corporation carried out the following transactions: i Reacquired and canceled 10,000 common shares at $7.00. II. Declared a cash dividend of $2.50. III. Paid the dividend in ii) above. iv. Sold 5,000 common shares at $12.00 per share - V. Reacquired and canceled 4,500 common shares at $11.00. Prepare the journal entries for each of the above transactions.

Treasury stock- is the stock owned by the company of it's own shares. On cancellation of treasury…

The Irish Lontoc Corporation was authorized to issue 150,000 no-par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, TH

The Irish Lontoc Corporation was authorized to issue 150,000 no-par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, TH

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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am.111.

The Irish Lontoc Corporation was authorized to issue 150,000 no - par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, The
Irish Lontoc Corporation carried out the following transactions: i Reacquired and canceled 10,000 common shares at $7.00. II. Declared a cash dividend of $2.50. III. Paid the dividend in ii) above. iv. Sold 5,000 common shares at $12.00 per share - V
. Reacquired and canceled 4,500 common shares at $11.00. Prepare the journal entries for each of the above transactions.

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