Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The...
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Accounting
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, 2018:
Repurchased and retired 2.40 million shares at $7.60 per share.
June
25, 2018:
Repurchased and retired 3.40 million shares at $3.40 per share.
Prior to the transactions, CCC's shareholders' equity included the following:
Common stock, 79.60 million shares at $1 par
$
79,600,000
Paid-in capital - excess of par
270,640,000
Retained earnings
116,000,000
Required: Prepare the journal entry to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) show work.
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