Reference no: EM132602102
Question - Sandhill Technologies Inc. reported the following information related to its shareholders' equity on January 1:
Common shares, 1,200,000 authorized, 600,000 shares issued: $1,800,000
Contributed surplus-reacquisition of common shares: 14,160
Retained earnings: 714,000
During the year, the following transactions related to common shares occurred in the order listed:
1. Issued 38,000 shares at $4.00 per share.
2. Reacquired 10,800 shares at $3.00 per share.
3. Issued 4,900 shares at $4.60 per share.
4. Reacquired 18,900 shares at $4 per share.
5. Reacquired 74,300 shares at $3 per share.
Required -
a) Calculate the number of shares authorized and issued at the end of the year.
b) Prepare journal entries to document the transactions.
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