ADMS 3595 Lecture 6: Chapter 15 - Supplementart Questions

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8 Jun 2018

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ADMS3595 – Chapter 15

Supplementary Questions

Question 1:

On January 1 of this year, GAJM Ltd. had one million common shares outstanding (book value

of $5 million).

• February 1, they issued 250,000 shares @ $8.00

• April 11, they issued 475,000 shares @ $9.50

• July 22, they repurchased and cancelled 175,000 shares @ $5.75

• August 19, they issued 350,000 shares @ $8.25

• October 26, they repurchased and cancelled 325,000 shares @ $9.00

• December 22, they issued 50,000 shares @ 7.50

Required:

Prepare journal entries to record the above transactions.

Question 2:

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