Concord Corporation has the following shareholders'equity on December 31, 2021:Shareholders' equityShare capital$10 convertible preferred shares.10,000 shares authorized, 4600 shares issued$573000Common shares,200,000 shares authorized, 70000 shares issued1750000Total share capital2323000Retained earnings454000Total shareholders' equity$2777000IF 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction wouldO debit Common Shares for $245000.O credit Contributed Surplus-Reacquisition of Shares for $9800.O credit Retained Earnings for $9800.O credit Common Shares for $254800.

Journal entries are the building blocks of accounting, which is the act of recording the economic…

Concord Corporation has the following shareholders'equity on December 31, 2021: Shareholders' equity Share capital $10 convertible preferred shares. 10,000 shares authorized, 4600 shares issued $573000 Common shares 200.000 shares authorized, 70000 shares issued 1750000 2323000 Total share capital Retained earnings 454000 $2777000 Total shareholders' equity I 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O debit Common Shares for $245000. O credit Contributed Surplus-Reacquisition of Shares for $9800o. O credit Retained Earnings for $9800. O credit Common Shares for $254800.

Concord Corporation has the following shareholders'equity on December 31, 2021: Shareholders' equity Share capital $10 convertible preferred shares. 10,000 shares authorized, 4600 shares issued $573000 Common shares 200.000 shares authorized, 70000 shares issued 1750000 2323000 Total share capital Retained earnings 454000 $2777000 Total shareholders' equity I 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O debit Common Shares for $245000. O credit Contributed Surplus-Reacquisition of Shares for $9800o. O credit Retained Earnings for $9800. O credit Common Shares for $254800.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Concord Corporation has the following shareholders'equity on December 31, 2021:
Shareholders' equity
Share capital
$10 convertible preferred shares.
10,000 shares authorized, 4600 shares issued
$573000
Common shares,
200,000 shares authorized, 70000 shares issued
1750000
Total share capital
2323000
Retained earnings
454000
Total shareholders' equity
$2777000
IF 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would
O debit Common Shares for $245000.
O credit Contributed Surplus-Reacquisition of Shares for $9800.
O credit Retained Earnings for $9800.
O credit Common Shares for $254800.

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