Chapter 6
Corporations: Contributed Capital and Dividends
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Required
a) Record the share reacquisition journal entry on November 30, 2016.
Date
Account Title and Explanation
Debit
Credit
b) Fill in the number of shares issued (or outstanding) and the balances for all shareholders’
equity accounts in the partial balance sheet on November 30, 2016 after the purchase of
the shares.
Prakun Corporation
Balance Sheet (partial)
November 30, 2016
Shareholders' equity
Common shares (1,000,000 shares authorized,
shares issued)
Contributed surplus
Retained earnings
Total shareholders' equity
