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Prepare journal entries to account for the transactions

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Reference no: EM133031248

Problem - The Data Group Inc. had the following balances in its equity accounts at December 31, 2019:

Common shares, unlimited shares authorized; 180,000 shares issued and outstanding $2,880,000

Retained earnings 440,000

During 2020, the following equity transactions occurred:

Apr. 15 Repurchased and retired 8,600 common shares at $14.40 per share.

May 1 Repurchased and retired 15,000 common shares at $17.60 per share.

Nov. 1 The board of directors declared a 2:1 share split effective on this date.

Required - Prepare journal entries to account for the transactions during 2020 (assuming the retirements were the first ever recorded by The Data Group Inc.).

Reference no: EM133031248

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