Burlington Corp

question 43

Essay

Burlington Corp.has a single class of shares.As its year ended December 31,2017,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 15,2018,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 2018.

---

Definitions:

Ethnic Communities

Groups of people who share a common ethnic background, cultural heritage, language, or religion, and often form communities within a larger society.

Racial Politics

The ways in which race and ethnicity shape political dynamics, policies, and perceptions, including the exploitation of racial differences for political gain.

Ethnic Politics

The influence of ethnicity on political processes, behaviors, and power dynamics within a society.

Peer Study/Supervision

A method of learning or improving skills through collaboration and mutual feedback among peers, often in educational or professional settings.