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mal entry for each of the following transactions for a transaction/event, select "No journal es should be entered as 10). estern Transport reacquired 10 million shares at Western Transport sold 3 million treasury shares

mal entry for each of the following transactions for a transaction/event, select "No journal es should be entered as 10). estern Transport reacquired 10 million shares at Western Transport sold 3 million treasury shares

FINANCIAL ACCOUNTING
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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In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Transport had issued 110 million shares of its $1 par common stock at $11 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). 1. On January 23, 2024, Western Transport reacquired 10 million shares at $14 per share. 2. On September 3, 2024, Western Transport sold 3 million treasury shares at $15 per share 3. On November 4, 2024, Western Transport sold 3 million treasury shares at $12 per share
Transcribed Image Text:In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Transport had issued 110 million shares of its $1 par common stock at $11 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). 1. On January 23, 2024, Western Transport reacquired 10 million shares at $14 per share. 2. On September 3, 2024, Western Transport sold 3 million treasury shares at $15 per share 3. On November 4, 2024, Western Transport sold 3 million treasury shares at $12 per share
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