Elville Inc

question 1

Essay

Elville Inc. was incorporated under provincial legislation with a December 31 year-end. The company has a single class of shares. As at December 31, 2019, it had 900,000 shares issued and outstanding. These shares had a book value of $18,000,000 on the balance sheet.
During 2020, Elville repurchased 10% of the issued shares from one of the minority shareholders at a cost of $25 per share. The company held these in treasury and later found a buyer for half of these shares at $30. The other half were sold at $21 to another investor.
Required:
Record the share transactions using the single-transaction method for treasury stock, which is the preferred accounting method.

---

Definitions:

Social Constructivism

A theory of knowledge that argues that humans generate knowledge and meaning from their interactions and experiences with others.

Interactive Learning

A learning approach where learners are actively involved in the learning process through engagement, discussion, and hands-on activities, often facilitated by technology.

Enterprise-Level Transformation

Comprehensive changes made across an entire organization to improve processes, technologies, and cultural practices.

ATD Competency Model

A framework developed by the Association for Talent Development that outlines the knowledge, skills, and abilities needed by professionals in the field of learning and talent development.