Flounder Limited has 55,500 common shares outstanding, with an average issue price per share of $6. On August 1, 2023, the company reacquired and cancelled 660 shares at $41 per share. There was contributed surplus of $0.25 per share at the time of the reacquisition (total $13,875), which arose from net excess of proceeds over cost on a previous cancellation of common shares. (a) Prepare the journal entry to record this transaction if Flounder prepares financial statements in accordance with ASPE. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Aug. 1 Debit Credit 101
Flounder Limited has 55,500 common shares outstanding, with an average issue price per share of $6. On August 1, 2023, the company reacquired and cancelled 660 shares at $41 per share. There was contributed surplus of $0.25 per share at the time of the reacquisition (total $13,875), which arose from net excess of proceeds over cost on a previous cancellation of common shares. (a) Prepare the journal entry to record this transaction if Flounder prepares financial statements in accordance with ASPE. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Aug. 1 Debit Credit 101
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter13: Earnings Per Share (eps)
Section: Chapter Questions
Problem 1R: Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%...
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