alem's Company issued 100,000 shares of $1 par value ordinary shares at a price of $10 per share. In addition, it has retained earnings of $300,000. On January 20, 2020, Salem acquires 10,000 of its shares at $11 per share. The journal entry to record the reacquisition is: a. Cash 100,000 Ordinary Shares 100,000 b. Cash 10,000 Ordinary Shares 10,000 c. Treasury Shares 110,000 Cash 110,000 d. Treasury Shares 11,000,000 Cash 11,000,000
alem's Company issued 100,000 shares of $1 par value ordinary shares at a price of $10 per share. In addition, it has retained earnings of $300,000. On January 20, 2020, Salem acquires 10,000 of its shares at $11 per share. The journal entry to record the reacquisition is: a. Cash 100,000 Ordinary Shares 100,000 b. Cash 10,000 Ordinary Shares 10,000 c. Treasury Shares 110,000 Cash 110,000 d. Treasury Shares 11,000,000 Cash 11,000,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Salem's Company issued 100,000 shares of $1 par value ordinary shares at a price of $10 per share. In addition, it has retained earnings of $300,000.
On January 20, 2020, Salem acquires 10,000 of its shares at $11 per share. The journal entry to record the reacquisition is:
a.
Cash 100,000
Ordinary Shares 100,000
b.
Cash 10,000
Ordinary Shares 10,000
c.
Treasury Shares 110,000
Cash 110,000
d.
Treasury Shares 11,000,000
Cash 11,000,000
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