Following is the shareholders' equity section of the statement of financial position of Brownlow Corporation: The entry to record Brownlow's repurchase and retirement of 1,000 of its common shares at $2 per share includes:
A)a debit to Common Shares for $2,000.
B)a debit to Common Shares for $1,000.
C)a credit to Contributed Capital-Reacquisition of Shares for $1,000.
D)a debit to Contributed Capital-Reacquisition of Shares for $1,000.

Question

Following is the shareholders' equity section of the statement of financial position of Brownlow Corporation:  The entry to record Brownlow's repurchase and retirement of 1,000 of its common shares at $2 per share includes:
A)a debit to Common Shares for $2,000. 
B)a debit to Common Shares for $1,000. 
C)a credit to Contributed Capital-Reacquisition of Shares for $1,000. 
D)a debit to Contributed Capital-Reacquisition of Shares for $1,000.

Quizplus · Accepted Answer

The Answer of Following is the shareholders' equity section of the statement of financial position of Brownlow Corporation:  The entry to record Brownlow's repurchase and retirement of 1,000 of its common shares at $2 per share includes:
A)a debit to Common Shares for $2,000. 
B)a debit to Common Shares for $1,000. 
C)a credit to Contributed Capital-Reacquisition of Shares for $1,000. 
D)a debit to Contributed Capital-Reacquisition of Shares for $1,000.

Following Is the Shareholders' Equity Section of the Statement of Financial