The data below are from the December 31,2014,balance sheet of the Sunshine Corporation:
During 2015,the following transactions affecting corporate capital were recorded:
Assuming the cost method is used for treasury stock and that retained earnings are to be reduced minimally in stock reacquisition transactions,provide the entries required to record the above transactions.
Definitions:
Legal Entity
An organization or structure that has legal rights and obligations, including the ability to enter into contracts and sue or be sued.
Shareholders
Individuals or entities that own shares in a company, thus holding a portion of the company's ownership and sometimes entitled to dividends and a say in company decisions.
Joint Venture
A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task or project.
Statute of Frauds
Legal regulation requiring certain kinds of contracts to be written and signed to be enforceable.
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Q125: See information for Paper Depot.above.If Paper Depot