On October 10, 2014, the equity account balances for Bushnell, Inc., showed the following:Common shares, unlimited shares authorized,36,000 shares issued, and outstanding …………………………………………………...

On October 10, 2014, the equity account balances for Bushnell, Inc., showed the following:Common shares, unlimited shares authorized,36,000 shares issued, and outstanding ………………………………………………… $561,600Retained earnings………………………………………………………………………………… 518,400On October 11, 2014, the corporation repurchased for treasury 4,500 common shares at $36 per share.Requireda. Prepare the equity section of the balance sheet on October 11, 2014, after the repurchase.b. Journalize the following transactions for Bushnell Inc.:(i) The purchase of the treasury shares on October 11.(ii) The sale of 1,500 treasury shares on November 1 for cash at $45.60 per share.(iii) The sale of all the remaining treasury shares on November 25 for cash at $28.80 per share.View Solution:

On October 10 2014 the equity account balances for Bushnell