Wetland Corporation was organized on June 1, 2009. It is authorized to issue an

Question

Wetland Corporation was organized on June 1, 2009. It is authorized to issue an unlimited number of no par value $4-cumulative preferred shares and an unlimited number of no par value common shares. The following share transactions were completed during the company's first year of operations:

June 5 Issued 80,000 common shares for $5.20 per share.
Aug. 21 Issued 5,000 preferred shares for $55 per share.
Sept. 15 Issued 22,000 common shares in exchange for land. The asking price of the land was $100,000. The common shares were trading for $5.45 per share on this date.
Nov. 20 Issued 78,000 common shares for $5.70 per share.
Jan. 12 Repurchased 80,000 common shares for $5.20 per share.
Mar. 9 Issued 10,000 common shares for $6.20 per share.
Apr. 16 Issued 2,000 preferred shares for $66 per share.
May 15 Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on May 30, payable on June 10.
31 Reported net earnings of $515,000 for the year.

please find the entry for jan 12.

Explanation / Answer

Jan 12 entry DR Treasury stock 416,000 CR Cash 416,000 Is that what you were looking for?

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