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Prepare the share retirement entry

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Following is an extract of the Shareholders' Equity section of BC Co. at December 31, 2019. BC Co. is incorporated in a province that permits the holding of treasury shares.

Contributed surplus, donated assets, common...............................$100,000

Contributed surplus, fractional share rights, common................... 26,000

Contributed surplus, stock option plans, common.......................... 142,000

Contributed surplus, retired shares, preferred................................ 76,000

Contributed surplus, conversion rights, common........................... 42,000

Contributed surplus, treasury share transactions, common........ 26,000

Retained earnings.................................................................................2,340,000

In a major equity restructure, on January 4, 2020, BC Co. went to the open market and purchased 1,000,000 common shares at $20.50 per share. The book value of the shares at this time was $20 per share.

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Question 1: Prepare the share retirement entry. Preface entries with Dr. or Cr.

Reference no: EM132605596

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