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What is the retained earnings assuming debit balance

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Reference no: EM132498086

The following represents the general ledger account balances at December 31, 2019 for the Benson Corporation:

Common shares, unlimited shares authorized,

150,000 shares issued and outstanding 840,000

Contributed surplus 138,000

Retained earnings 695,000

During 2020, the following shareholders equity transactions occurred:

February 1, repurchased 49,750 shares $7.15 per share

May 31, repurchased 26,200 shares at $8.90 per share

July 31 issue 70,000 shares at $6.80

Required:

Question 1. Indicate the journal entries that would be recorded for the above transactions.

Question 2. How many common shares remain issued and outstanding at the end of the year?

Question 3. What is the total value indicated in the common share general ledger account?

Question 4. What is the average issue price of the common shares at the end of the year?

Question 5. What is the retained earnings assuming debit balance in the income summary account at the end of the year would be $27,000?

Question 6. Prepare equity section of the balance sheet.

Reference no: EM132498086

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