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  3. mountain ltd. had the following shareholders' equi

Mountain Ltd. had the following shareholders' equity on March 26, 2020: (Click the icon to...

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Mountain Ltd. had the following shareholders' equity on March 26, 2020: (Click the icon to view the data.) On May 3, 2020, the company repurchased and cancelled 8,500 common shares at $7.50 per share. Shareholders' equity Required 1. Journalize the May 3 transaction. 2. Prepare the shareholders' equity section of the balance sheet at May 31, 2020. 3. How many common shares are outstanding after the share repurchase? Common shares, unlimited shares authorized, 170,000 shares issued and outstanding $ 510,000 535,000 Retained earnings $ Total shareholders' equity 1,045,000 Requirement 1. Journalize the May 3 transaction. Begin by journalizing the repurchase of the common shares. (Record debits first, then credits. Explanations are not required.) Journal Entry Print Done Date Accounts Debit Credit May 3

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