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Problem: On 1 January 20X1, Grey Corp. issued 390,000 no-par common shares at $5.50 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 5,700 of its own common shares at $4.50 per share to be held as treasury stock. On 1 March, 800 of the treasury shares were resold at $6.00. On 15 March, 500 shares were purchased for $2.90. On 31 March, 900 of the treasury shares were sold for $3.25. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $977,500 prior to these transactions.
Question:
1. Provide all 20X5 entries.
2. Calculate the resulting balance in each of the shareholders' equity accounts.
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