Narrow Corporation Began 2017 with the Following Account Balances In 2017,Arrow Corporation Reported the Following Transactions:
Jan

question 56

Essay

Narrow Corporation began 2017 with the following account balances:
$\begin{array}{ll}\text { Common shares, } 100,000 \text { shares authorized, 50,000 issued } & \$ 1,200,000 \\\text { Retained earnings } & 950,000\end{array}$
In 2017,Arrow Corporation reported the following transactions:
Jan. 10 Reacquired 5,000 of its own shares for $\$ 20$ per share
Mar 20 Teacquired 2,000 of its own shares for $\$ 25$ per share
30 Sold 4,000 of the reacquired shares for $\$ 22$ per share.
Record journal entries for the above transactions.

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Definitions:

GATT

General Agreement on Tariffs and Trade, an international trade agreement aimed at reducing tariffs and other trade barriers.

World Trade Organization

An international organization that regulates international trade.

International Body

An organization composed of members from multiple countries created to address global issues and facilitate cooperation across borders.

GATT

General Agreement on Tariffs and Trade, an international treaty designed to reduce trade barriers and promote international commerce.