2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Trans
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In 2024, Western Transport Company entered into the
On January 23, 2024, Western Transport reacquired 15 million shares at $28 per share.
On September 3, 2024, Western Transport sold 2 million treasury shares at $29 per share.
On November 4, 2024, Western Transport sold 2 million treasury shares at $26 per share.
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- The stockholders’ equity accounts of Riverbed Company have the following balances on December 31, 2020. Common stock, $10 par, 281,000 shares issued and outstanding $2,810,000 Paid-in capital in excess of par—common stock 1,220,000 Retained earnings 5,600,000 Shares of Riverbed Company stock are currently selling on the Midwest Stock Exchange at $34.Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) A stock dividend of 6% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation Debit Credit (a) (1) enter an account title for case A to record the declaration of stock dividends enter a…Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold reacquired 105 shares at $87 per share. On September 1, Marigold reissued 62 shares at $91 per share. On November 1, Marigold reissued 43 shares at $84 per share. Prepare Marigold's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 11/1/20Ivanhoe Inc. has outstanding 11,500 shares of $10 par value common stock. On July 1, 2020, Ivanhoe reacquired 111 shares at $87 per share. On September 1, Ivanhoe reissued 60 shares at $95 per share. On November 1, Ivanhoe reissued 51 shares at $85 per share.Prepare Ivanhoe’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
- 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 $21 per share.Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Marigold issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Jan. 1, 2025 Dec. 31, 2026 Account Titles and Explanation Debit CreditThe following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
- On Oct. 1, 2022, the board of directors of Purple Inc. declared a $3.00 per share cash dividend on 95,000 shares of $1 par value common stock. The dividend will be paid to stockholders who own shares on Dec. 31, 2022. The dividend will be paid on Feb. 1, 2023. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2022 b. Dec. 31, 2022 c. Feb. 1, 2023In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 130 million shares of its $1 par common stock at $13 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 10 million shares at $16 per share. On September 3, 2021, Western Transport sold 5 million treasury shares at $17 per share. On November 4, 2021, Western Transport sold 5 million treasury shares at $14 per share.Mustang Inc. completed the following stock-related transactions during 2022. Record the transactions in Mustang's general journal on the "Worksheet" tab. If no entry is required, please state "no entry" or "n/a". Jan. 25, 2022 Mustang declared a $130,000 cash dividend. The company currently has 4,500 shares of 3%, $250 par value cumulative preferred stock outstanding. The company did not pay any dividends in 2020 or 2021. The company also has 300,000 shares of $2 par value common stock outstanding. Use a separate account for the preferred dividends and the common dividends Feb. 15, 2022 Mustang paid the cash dividends. July 5, 2022 The common stock split 4:1. August 2, 2022 Declared and immediately distributed a 5% stock dividend on the common stock. The market value at the time of the stock dividend was $18 per share. Oct. 10, 2022 Purchased 15,000 shares of treasury stock for $22 a share. Oct. 31, 2022 Sold 2,000 shares of the…
- Oriole Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 430,000 shares of stock at $6 per share. Sept. 5 Purchased 34,000 shares of treasury stock at $8 per share. Journalize the transactions for Oriole Corporation. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Cash Common Stock Pald-In Capltal In Excess of Stated Value-Common Stock >Bridgeport Inc. declared a cash dividend of $0.50 per share on its 3.40 million outstanding shares. The dividend was declared on August 1 and is payable on September 9 to all shareholders of record on August 15. Prepare all necessary journal entries for those three dates. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date 10 Account Titles and Explanation Debit Credit 111 |||||The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025. Common stock, $10 par, 292,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $2,920,000 1,320,000 5,080,000 Shares of Wildhorse Company stock are currently selling on the Midwest Stock Exchange at $33. Prepare the appropriate journal entries for each of the following cases. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) a. A stock dividend of 6% is (1) declared and (2) issued. b. A stock dividend of 100% is (1) declared and (2) issued. C. A 2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation a. (1) a. (2) b. (1) b. (2) c. (1) c. (2) Debit Credit