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BELLA DONNA Debit to Paid-In-Capital in Excess of Par Please show all work, calculations and answer...

BELLA DONNA

Debit to Paid-In-Capital in Excess of Par

Please show all work, calculations and answer promptly. Thank you.

Bella Donna Company has 100,000 shares of $2 par common stock issued and outstanding as of January 1, 2018. The shares were originally issued for $8 per share. On February 3, 2018, Bella Donna repurchased 9,720 shares at $7 per share for the purposes of retiring them. What will the debit to Paid in capital in excess of par with February 3rd journal entry?

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Answer #1
The amount originally recorded for Paid in capital in excess of par will be debited.
Debit to Paid-In-Capital in Excess of Par = 9720*(8-2)= $ 58320
Debit to Paid-In-Capital in Excess of Par = $ 58320
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