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Question - On December 31, 2011 Illini had 100 million $1 par common shares outstanding that were originally issued at $6 per share, and a balance of $30 million in PIC treasury. On April 2, 2012 Illini reacquired 10 million shares at $15 per share and on May 15, 2013 Illini reacquired 40 million shares at $25 per share. Illini accounts for reacquired shares using the treasury method and determines the cost by FIFO.
Required -
-On December 1, 2015 Illini reissued 5 million treasury shares at $30 per share, and on February 3, 2016 Illini reissued 20 million treasury shares at $10 per share. Prepare the journal entries to record the reissuances on December 1, 2015, and February 3, 2016.
-Now assume instead that Illini retired the shares that were repurchased. Prepare the journal entries of the repurchases, assuming the retirement method, on April 2, 2012 and May 15, 2013.
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