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Record entries for the given transactions

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Question - Furr Company has 100 million shares of $1 par common stock authorized. The transactions below caused changes in Furr's outstanding shares.

January 4, 2015: Repurchased and retired 1 million shares at $6 per share.

June 25, 2015: Repurchased and retired 2 million shares at $4 per share.

Prior to the transactions, Furr's shareholders' equity included the following:

Common stock, 80 million shares at $1: $80,000,000

Paid-in capital--excess of par: 150,000,000

Retained earnings: 110,000,000

Required: Record entries for the above transactions.

Reference no: EM132048428

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