The December 31, 2021, balance sheet of MBI Company included the following: Common stock, 20 million shares outstanding at $1 par $ 20,000,000 Paid-in capital—excess of par 100,000,000 Retained earnings 115,000,000 MBI completed the following transactions in 2021 relating to treasury stock: March 17: Reacquired 2 million shares at $10. May 17: Reacquired 2 million shares at $9. August 10: Issued 3 million shares at $12. Required: Prepare journal entries to record the foregoing transactions on a weighted average basis. (Do not round your per share amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
The December 31, 2021, balance sheet of MBI Company included the following: Common stock, 20 million shares outstanding at $1 par $ 20,000,000 Paid-in capital—excess of par 100,000,000 Retained earnings 115,000,000 MBI completed the following transactions in 2021 relating to treasury stock: March 17: Reacquired 2 million shares at $10. May 17: Reacquired 2 million shares at $9. August 10: Issued 3 million shares at $12. Required: Prepare journal entries to record the foregoing transactions on a weighted average basis. (Do not round your per share amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The December 31, 2021,
| Common stock, 20 million shares outstanding at $1 par | $ | 20,000,000 | |
| Paid-in capital—excess of par | 100,000,000 | ||
| 115,000,000 | |||
MBI completed the following transactions in 2021 relating to
| March | 17: | Reacquired 2 million shares at $10. | ||
| May | 17: | Reacquired 2 million shares at $9. | ||
| August | 10: | Issued 3 million shares at $12. |
Required:
Prepare journal entries to record the foregoing transactions on a weighted average basis. (Do not round your per share amount. If no entry is required for a transaction/event, select "No
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education