In the current year, a company entered into the transactions described below. Three years prior, the company had issued 195 million shares of its $1 par common stock at $39 per share. Required: Assuming that the company retires shares it reacquires, record the appropriate journal entry for each of the following transactions that occurred in the current year: 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). 1. On January 2, the company reacquired 12 million shares at $37.50 per share. 2. On March 3, the company reacquired 12 million shares at $41 per share. 3. On August 13, the company sold 1 million shares at $47 per share. 4. On December 15, the company sold 2 million shares at $41 per share.
In the current year, a company entered into the transactions described below. Three years prior, the company had issued 195 million shares of its $1 par common stock at $39 per share. Required: Assuming that the company retires shares it reacquires, record the appropriate journal entry for each of the following transactions that occurred in the current year: 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). 1. On January 2, the company reacquired 12 million shares at $37.50 per share. 2. On March 3, the company reacquired 12 million shares at $41 per share. 3. On August 13, the company sold 1 million shares at $47 per share. 4. On December 15, the company sold 2 million shares at $41 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In the current year, a company entered into the transactions described below. Three years prior, the company had issued 195 million
shares of its $1 par common stock at $39 per share.
Required:
Assuming that the company retires shares it reacquires, record the appropriate journal entry for each of the following transactions that
occurred in the current year:
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).
1. On January 2, the company reacquired 12 million shares at $37.50 per share.
2. On March 3, the company reacquired 12 million shares at $41 per share.
3. On August 13, the company sold 1 million shares at $47 per share.
4. On December 15, the company sold 2 million shares at $41 per share.
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