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Sandhill Technologies Inc. reported the following information related to its shareholders’ equity on January 1: Common...

Sandhill Technologies Inc. reported the following information related to its shareholders’ equity on January 1:

Common shares, 1,200,000 authorized, 600,000 shares issued $1,800,000
Contributed surplus—reacquisition of common shares 14,160
Retained earnings 714,000

During the year, the following transactions related to common shares occurred in the order listed:

1. Issued 38,000 shares at $4.00 per share.
2. Reacquired 10,800 shares at $3.00 per share.
3. Issued 4,900 shares at $4.60 per share.
4. Reacquired 18,900 shares at $4 per share.
5. Reacquired 74,300 shares at $3 per share.

If the number of shares authorized = 1,200,000 and the number of shares issued = 538,900. Determine the ending balances in each of the following accounts: Common Shares, Contributed Surplus—Reacquisition of Common Shares, and Retained Earnings. (Round the average issue price to two decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,271.)

Common shares $
Contributed Surplus—reacquisition of Common shares $
Retained earnings $

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ekkarill92 answered 1 year ago
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