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In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 200 million shares of its $1 par common stock at $20 per share.   Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)   On January 23, 2021, Western Transport reacquired 15 million shares at $23 per share. On September 3, 2021, Western Transport sold 1 million treasury shares at $24 per share. On November 4, 2021, Western Transport sold 1 million treasury shares at $21 per share.

In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 200 million shares of its $1 par common stock at $20 per share.   Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)   On January 23, 2021, Western Transport reacquired 15 million shares at $23 per share. On September 3, 2021, Western Transport sold 1 million treasury shares at $24 per share. On November 4, 2021, Western Transport sold 1 million treasury shares at $21 per share.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 200 million shares of its $1 par common stock at $20 per share.
 
Required:
Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
 

  1. On January 23, 2021, Western Transport reacquired 15 million shares at $23 per share.
  2. On September 3, 2021, Western Transport sold 1 million treasury shares at $24 per share.
  3. On November 4, 2021, Western Transport sold 1 million treasury shares at $21 per share.

 

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