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USE THE FOLLOWING FACTS TO ANSWER QUESTIONS #5 THROUGH #8. USE THE FOLLOWING GUIDELINES WHEN...

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Accounting

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USE THE FOLLOWING FACTS TO ANSWER QUESTIONS #5 THROUGH #8. USE THE FOLLOWING GUIDELINES WHEN INPUTTING ANSWERS (THESE WILL NOT BE REPEATED FOR EACH QUESTION): 1. Do NOT use dollar signs or decimals. 2. Round your answers to the nearest dollar. 3. If the answer is zero OR not applicable input the number zero "O". 4. For increases simply input the amount such as 100. 5. For decreases input the amount with a minus sign "-" in front such as -100. FACTS: Common Stock outstanding - 500,000 shares Par value per share = $ 1.00 Equity section BEFORE repurchase of shares: Common Stock = $500,000 credit balance Paid in Capital Common Stock = $900,000 credit balance Paid in Capital Share Repurchases = $18,000 credit balance Retained Earnings = $2,000,000 credit balance Shares are repurchased for = $36.00 per share # of shares reacquired and retired - 10,000 ASSUME THE SHARES ARE RETIRED. Question 7 What is the amount of the debit to the Retained Earnings account

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