On December 31, 2015, Rebel Corporation's balance sheet reported the following. ...
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Accounting
| On December 31, 2015, Rebel Corporation's balance sheet reported the following. |
| Common stock, $1 par | $ | 1,000,000 | |
| Paid-in capitalexcess of par | 5,000,000 | ||
| Retained earnings | 5,380,000 | ||
| Treasury stock (30,000 shares at cost) | (900,000 | ) | |
| During 2016, Rebel decided to discontinue accounting for share buybacks as treasury shares. Instead, the shares will be treated as having been retired. |
| Required: |
| Prepare the appropriate journal entry to reclassify treasury shares as retired 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.) |
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