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Question - On December 31, 2020, Sandhill Treats Limited reported 37,000 common shares issued and a balance in the Common Shares account of $230,140. On April 5, 2021, it reacquired 7,500 of these shares. This is the first time Sandhill Treats has reacquired any of its shares.
Required -
Record the reacquisition of the shares assuming the company paid $41,000 to reacquire the shares.
Record the reacquisition of the shares assuming the company paid $56,000 to reacquire the shares.
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