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Record journal entries for the transactions

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Reference no: EM132916506

Question - Narrow Corporation began 2017 with the following account balances:

Common shares, 100,000 shares authorized, 50,000 issued $1,200,000

Retained earnings 950,000

In 2017, Arrow Corporation reported the following transactions:

Jan. 10 Reacquired 5,000 of its own shares for $20 per share.

Mar 20 Reacquired 2,000 of its own shares for $25 per share.

Mar 30 Sold 4,000 of the reacquired shares for $22 per share.

Required - Record journal entries for the above transactions.

Reference no: EM132916506

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