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Record the reacquisition of the shares assuming the company

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On December 31, 2020, Pharoah Treats Limited reported 43,000 common shares issued and a balance in the Common Shares account of $270,040. On April 5, 2021, it reacquired 8,500 of these shares. This is the first time Pharoah Treats has reacquired any of its shares.

Problem 1: Record the reacquisition of the shares assuming the company paid $49,000 to reacquire the share

Reference no: EM132779328

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