Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC’s outstanding shares.
January 4, 2011: Repurchased and retired 1 million shares at $8 per share
June 25, 2011: Repurchased and retired 2 million shares at $2 per share.
Prior to the transactions, CCC’s shareholders’ equity included the following:
Common stock, 80 million shares at $1 par$80,000,000
Paid in Capital excess of Par$160,000,000
Retained Earnings120,000,000
Required
Record Entries for the above transactions
Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC’s outstanding shares. January 4, 2011: Repurchased and retired 1 million shares at $8 per share June 25, 2011: Repurchased and retired 2 million shares at $2 per share. Prior to the transactions, CCC’s shareholders’ equity included the following: Common stock, 80 million shares at $1 par $80,000,000 Paid in Capital excess of Par $160,000,000 Retained Earnings 120,000,000 Required Record Entries for the above transactions
Attachments:
Cal Cookie Co….docx