Retirement of Stock Review Problem(FYI, this question is similar to Part B of the In-Class...
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Accounting
Retirement of Stock Review Problem(FYI, this question is similar to Part B of the In-Class Exercise at the end of your Ch. 18 notes, except I changed it to a retirement of stock, rather than a purchase of treasury stock).
During 2018 (the first year in which the Company was in business), the Nicklaus Corporation participated in three equity transactions:
1. On January 2, 2018, 3 million shares of $1 par value common stock are issued for $10 per share.
2. On June 30, 2018, the corporation reacquires and retires 200,000 shares of its common stock at a price of $12 per share.
3. On July 31, 2018, 50,000 shares of common stock are issued at $15 per share.
Required: 1. Prepare journal entries to record these transactions.
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