Prepare the journal entries to record the treasury stock transactions in 2025, assuming Whispering uses the cost method. (List alldebit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in theproblem statement.)DateVAccount Titles and Explanation必FSSearch%܀܀F6F78&FB(DOLL)*ODebitF9prtscF109homeCredit Whispering Company had the following stockholders' equity as of January 1, 2025.Common stock, $5 par value, 18,800 shares issuedPaid-in capital in excess of par-common stockRetained earningsTotal stockholders' equityDuring 2025, the following transactions occurred.Feb. 1Mar. 1Mar. 18Apr. 22May 1(2)$94,000298,000319,000$711,000Whispering repurchased 2,100 shares of treasury stock at a price of $21 per share.780 shares of treasury stock repurchased above were reissued at $19 per share.510 shares of treasury stock repurchased above were reissued at $13 per share.590 shares of treasury stock repurchased above were reissued at $23 per share.Remaining treasury shares are retired.

Journal entry is a primary entry that records the financial transactions initially. The transactions…

Answered: Prepare the journal entries to record…

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 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.
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Record the issuance of shares when sold for cash and for noncash consideration

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Prepare the journal entries to record the treasury stock transactions in 2025. a