A147 Share Retirement On 1 January 20XS BC Ventures Corp rep

A14-7 Share Retirement: On 1 January 20XS, BC Ventures Corp. reported the following in shareholders\' equity: $386,000 Preferred shares, no-par value: $0.70, cumulative; authorized, unlimited shares; issued, 80,000 shares 642,000 Common shares, no-par value; authorized, unlimited shares; issued 80,000 shares Contributed capital on retirement of common shares Retained earnings AOCI for foreign exchange gains on foreign subsidiary 14,000 1,250,000 38,000 During 20X5, certain shares were reacquired. In accordance with the regulations in BC Ventures inco legislation, all reacquired shares were retired. Transactions were as follows: 15 January Bought 7,000 preferred shares for $5.20 per share 12 February Bought 2,000 common shares for $11 per share 25 February Bought 4,000 preferred shares for $4.00 per share 26 April Bought 5,000 preferred shares for $6.00 per share

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B C Venture Corp.
Journal Entries for the year ended December 31, 20X5
Date	Account Title	Debit	Credit
1/15/20X5	Prefered Stock	36400
	Cash		36400
	(7,000 shares of prefered stock reacquired @$5.20 per share)
2/12/20X5	Common Stock	22000
	Cash		22000
	(2,000 shares of common stock reacquired @$11.00 per share)
2/25/20X5	Prefered Stock	16000
	Cash		16000
	(4,000 shares of preferred stock reacquired @$4.00 per share)
4/26/20X5	Prefered Stock	30000
	Cash		30000
	(5,000 shares of preferred stock reacquired @$6.00 per share)
7/16/20X5	Common Stock	60000
	Cash		60000
	(8,000 shares of common stock reacquired @$7.50 per share)
7/30/20X5	Retained Earnings	27125
	Common Stock		27125
	(Stock dividend @ 5% on 70,000* shares of common stock @$7.75)
11/30/2015	Retained Earnings	73500
	Cash dividend payable on common stock		73500
	(Cash dividend @$1.00 per share on 73,500 ** shares of common stock)
11/30/2015	Retained Earnings	64000
	Cash dividend payable on preferred stock		64000
	(Cash dividend @$1.00 per share on 64,000 *** shares of preferred stock)
	Workings:
	Shares of common stock outstanding as at 30th July
		Number	Value
	Number of shares outstanding as at January 1, 20X5	80000	642000
	Shares reacquired and retired on 12th February	-2000	-22000
	Shares reacquired and retired on 16th July	-8000	-60000
	Number of shares outstanding as at 30th July *	70000	560000
	Shares of common stock outstanding as at 30th November
		Number	Value
	Number of orginal shares outstanding as at July 30, 20X5	70000	560000
	Number of Stock Dividend shares issued on 30th July, 20X5	3500	27125
	Number of shares outstanding as at 30th November **	73500	587125
	Shares of preferred stock outstanding as at 30th November
		Number	Value
	Number of shares outstanding as at January 1, 20X5	80000	386000
	Shares reacquired and retired on 15th January	-7000	-36400
	Shares reacquired and retired on 25th February	-4000	-16000
	Shares reacquired and retired on 26th April	-5000	-30000
	Number of shares outstanding as at 30th November ***	64000	303600