FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Upland Limited ("Upland") is looking to acquire its own shares:
1 January 2020: Upland acquires 12,000 of its own shares at $24 per share.
1 June 2020: Upland sells for $30 per share 3,000 shares of its treasury shares that it had
purchased for $24 per share.
Required:
(a)
Prepare the required general journal entries for Upland to record the events on 1 January 2020
and 1 June 2020 above.
(b)
Discuss what 'treasury shares' are and the purpose of having treasury shares from the
perspective of Upland.
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