Pizza Hotline Technologies Corp. reported the following equity
balances on December 31, 2009:
Common shares, 250,000 shares issued $1,540,000
Retained earnings 321,000
Total equity $1,861,000
In 2010, Pizza Hotline Technologies Corp. completed the following
equity related transactions:
April 14 Reacquired 23,000 common shares at $8.00 per share. (This
is the first time Pizza Hotline Technologies Corp. reacquired
shares.)
June 5 Reacquired 16,000 common shares at $6.50 per share.
Required: Prepare the journal entries for the above transactions.
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