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For numerous reasons, a corporation may reacquire its own shares. When a corporation does this,...

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Question

Accounting

For numerous reasons, a corporation may reacquire its own shares. When a corporation does this, the CBCA requires that the purchased shares be cancelled.

Instructions

Explain how a corporation would account for each of the following:

a) Purchase of shares at a price less than the carrying value of the shares

b) Purchase of shares at a price greater than the carrying value of the shares

c) The effect on net income

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