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What is the necessary journal entries for march

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Reference no: EM133006028

Problem - As of 1/1/2009 Old Corp has 12,000,000 share issued and outstanding $1 par common stock that were originally issued for $25 per share 5 years ago. On March 1, 2009 Old Corp decides to re-acquire 500,000 shares for $20 per share. On October 1, 2009 Old Corp re-acquires an additional 1,000,000 shares for $28 per share. They begin 2009 with a zero balance in the APIC-Share Repurchase account. What is the necessary journal entries for March 1, 2009 if Old Corp classifies the share repurchases as 'share retirements'?

Reference no: EM133006028

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