Burlington Corp

question 60

Essay

Burlington Corp. has a single class of shares. As its year ended December 31, 2020, the company had 5,000,000 shares issued and outstanding. On the stock exchange, these shares were trading at around $7. In the company's accounts, these shares had a value of $50,000,000. The equity accounts also show $650,000 of contributed surplus from previous repurchases of shares.
On January 15, 2021, Burlington repurchased and cancelled 250,000 shares at a cost of $7 per share. Later in the year, on August 20, the company repurchased and cancelled a further 475,000 shares at a cost of $14 per share.
Required:
Record the journal entries for the two share transactions in 2021.

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Definitions:

Sensory Component

Refers to the aspect of perception that involves the detection and processing of sensory stimuli by the nervous system.

Episodic Memory

Episodic memory is a type of long-term memory that involves the recollection of specific events, situations, and experiences from an individual's life, including the context and emotions related to those events.

Implicit Memory

A type of memory that is not consciously recalled but influences behavior or thought without one's awareness.

Storage

In memory processes, storage refers to the retention of information over time, a key component of the memory system.