Answered: 2024, Western Transport Company entered…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Transport had issued 250 million shares of its $1 par common stock at $25 per share. Required: Prepare the appropriate journal entry for each of the following transactions: Note: 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, 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.

Can you please share the Math on this.

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