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Prepare journal entry to record the purchase and retirement

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Reference no: EM132591715

Orange Company reported the following equity account balances July 31,2017

Common shares, unlimited authorized 1,800 shares issued and outstanding 43,200

Retained earning 109,000

Required

Question 1: June 28,2018. Prepare the journal entry to record the purchase and retirement of 700 common shares. ORange CO paid the shareholders $21. this is the first repurchase of shares

Question 2: Sept 26,2018. Prepare the journal entry to record the purchaser and retirement of 400 common shares. Orange CO paid the shareholders $31.

Reference no: EM132591715

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