7252569-MIdterm-1 (dragged) 55

7252569-MIdterm-1 (dragged) 55 - 5,900 Retained Earnings...

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Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Eighth Canadian Edition 15-21 ILLUSTRATION 15-2–SOLUTION: (a) October 12 Treasury Shares 100,000 Cash 100,000 October 29 Cash 30,900 Contributed Surplus (T/S Transactions) 900 Treasury Shares (3,000 x $10) 30,000 November 19 Cash 9,000 Contributed Surplus (T/S Transactions) 900 Contributed Surplus from Cancellation of Shares 100 Treasury Shares (1,000 x $10) 10,000 December 27 Cash 50,000 Contributed Surplus from Cancellation of Shares
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Unformatted text preview: 5,900 Retained Earnings 4,100 Treasury Shares (6,000 x $10) 60,000 (a) SHAREHOLDERS' EQUITY OCTOBER 31, 2004 Common shares, no par value, 100,000 shares authorized, 72,000 shares issued of which 7,000 are held in treasury $675,000 Contributed surplus from treasury share transactions 900 Contributed surplus from cancellation of shares 6,000 Contributed capital 681,900 Retained earnings 250,000 931,900 Less cost of 7,000 treasury shares (70,000) Total Shareholders' Equity $861,900...
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This note was uploaded on 03/28/2012 for the course ACCTG ACC423 taught by Professor Smith during the Spring '10 term at University of Phoenix.

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