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What is the correct journal entry to record the buyback

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Reference no: EM132506596

Question 1: Gormenghast Ltd has decided to buy back 10% of their ordinary shares for $5 each. At the date of the buyback, their equity consists of the following: Ordinary share capital (1 000 000 shares, fully paid) $ 5 000 000. General reserve 400 000. Retained earnings 300 000. The buyback will also incur costs of $50 000. The entire buyback is to be funded by taking equal amounts from the general reserve and the retained earnings accounts. What is the correct journal entry to record the buyback?

Reference no: EM132506596

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