Reference no: EM132888193

Question - Bulletproof Corporation began 2020 with the following account balances:

Common shares, 150,000 shares authorized, 100,000 outstanding $2,175,000

Contributed surplus - share repurchase 10,000

Retained earnings 700,000

In January 2020, Bulletproof Corporation reported the following transactions:

Jan. 10 Repurchased 4,000 of its own shares for $25 per share.

Jan. 20 Sold 1,500 of the repurchased shares for $28 per share.

Jan. 30 Repurchased 1,000 of its own shares for $21 per share.

Required -

a) Record the journal entries for the above transactions (no explanations required).

b) Calculate the ending balance in the common share account on January 31, 2020.