(Solved): Transfixed Corporation has 300,000 no par value common shares authorized, issued, and outstanding w ...

Transfixed Corporation has 300,000 no par value common shares authorized, issued, and outstanding which were all issued at \( \$ 40 \) per share. On February 28, 2023, Transfixed reacquired 6,000 shares at a cost of \( \$ 38 \) per share. On October 20, 2023, the company purchased and cancelled an additional 4,000 shares. The purchase cost was \( \$ 44 \) per share. Instructions Prepare the journal entries to record the reacquisition of shares.