Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The...
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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, 2016: Repurchased and retired 1 million shares at $8 per share. June 25, 2016: Repurchased and retired 2 million shares at $2 per share. Prior to the transactions, CCC's shareholders' equity included the following: Common stock, 80 million shares at $1 par $80,000,000 Paid-in capitalexcess of par 160,000,000 Retained earnings 120,000,000 Required: Record entries for the above transactions.
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