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Record the journal entries for the two share transaction

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Question - Malton corp has a single class of shares. As its year ended December 31, 2020, the company had 5,000,000 shares issued and outstanding. On the stock exchange, these shares were trading at around $44. In the company's account, these shares had a value of 250,000,000.The equity accounts also show 650,000 of contributed surplus from previous repurchase of shares. On january 15, 2021 Malton repurchased and cancelled 250,000 shares at a cost of 45 per share. Later in the year on august 20, the company repurchased and cancelled a further 475,000 shares at a cost of 63 per share. Record the journal entries for the two share transaction in 2021?

Reference no: EM133041107

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