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Part A Fun-Mart Inc. has 150,000 common shares issued at $10 each, and a balance...

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Question

Accounting

Part A

Fun-Mart Inc. has 150,000 common shares issued at $10 each, and a balance in retained earnings of $200,000 as of December 31, 2019. (Total Shareholders equity is $1,700,000)

Required:

Journalize these transactions:

  • May 15, 2020 - 10,000 common shares were repurchased at $8.00 each.
  • August 15, 2020 20,000 common shares were repurchased at $11.50 each.
  • December 1, 2020 A 10% stock dividend was declared on the remaining common shares. Market Price was $12.
  • December 15, 2020 the stock dividend was distributed to the common shareholders.
  • Bonus Question (2 extra marks): Compute the Weighted Average # of common shares outstanding in 2020. (Hint: 15 days count as month.)

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