Solution-Assuming that borner communications retires shares

Assuming that borner communications retires shares

Reference no: EM131002225

Borner Communications' articles of incorporation authorized the issuance of 130 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following:

Required:

Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions:

1. On January 7, 2011, Borner reacquired 2 million shares at $5.00 per share.
2. On August 23, 2011, Borner reacquired 4 million shares at $3.50 per share.
3. On July 25, 2012, Borner sold 3 million common shares at $6 per share.

Reference no: EM131002225

Questions Cloud

With a rawlins social welfare function : Assume that Crusoe's and Friday's utility functions are described in Problem 1. Assume now, though, that initially Crusoe has six oranges and Friday two. Assume that for every two oranges taken away from Crusoe, Friday gets only one, an orange being ..

Prepare the appropriate journal entries to record the sale : Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs.

Bus326 commercial banking case : All states financial corporation case study solutions, AN ANALYSIS OF PART A - ALL STATES FINANCIAL CORPORATIONAND PART B - SHADOW BANKING

Determine the amount of dividends to be paid : Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating.

Assuming that borner communications retires shares : Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions:

Assuming that borland retires shares it reacquires : Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions:

Minimum attractive rate of return is compounded annually : A machine that produces a certain piece must be turned off by the operator after each piece is completed. The machine "coasts" for 15 seconds after it is turned off, thus preventing the operator from removing the piece quickly before producing the ne..

Monopoly in middletown on large banana splits : My Big Banana (MBB) has a monopoly in Middletown on large banana splits. The demand for this delicacy is given by Q = 80 − P. MBB’s total costs are given by TC = 40 + 2Q + 2Q2. Its maximum monopoly profit is:

Econ 3102 : ECON 3102 SPRING 2016, Rashid supervisor asked him to prepare a report mentioning the different objectives for the new firm

User Account

All Pages

Assuming that borner communications retires shares

Reference no: EM131002225

Reference no: EM131002225

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Golfo plans to care for the elderly herself

The varone company makes a single product called a hom the

The production department started the month with the

Wal-mart stores inc is the worlds largest retailer a large

Indicate the number of equivalent units produced in the

On january 1 2013 jacob issued 600000 of 11 15-year bonds

Preparing the monthly financial statements

The four seasons resort community is an elegant thriving

Compute the amount of fica taxes that should be withheld

Cannes company has the following information available for

Jason adams was awarded 6500000 in a legal settlement he

Foster company makes power tools the budgeted sales are

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT