Reference no: EM132595145
Question - Wonder Ltd. has treasury stock transactions in 20X9 as follows:
a. Feb. 27 Purchased 140,000 common shares as treasury stock at $6.50 per share.
b. March 15 Purchased 64,000 common shares as treasury stock for $5.50 per share.
c. April 30 Reissued 100,000 shares of treasury stock for $4.25 per share.
d. May 16 Purchased 54,000 common shares as treasury stock for $6.05 per share.
e. Nov. 26 Reissued 268,000 shares of treasury stock for $4 per share.
At the end of 20X8, Wonder Limited had reported the following in shareholders' equity:
Common shares, no-par value; authorized, unlimited shares; issued, 5,800,000 shares, outstanding, 5,500,000 shares
$ 21,117,000
Contributed capital on treasury stock transactions 133,600
Retained earnings 14,840,000
Treasury stock, 300,000 common shares (1,260,000)
Required -
1. Prepare journal entries for the treasury stock transactions.
2. Calculate the balances in the equity accounts, after the effects of the transactions in requirement 1.
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