Question: In 2011 Western Transport Company entered into the treasury sto

In 2011, Western Transport Company entered into the treasury stock transactions described below. In 2009, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share.

Required:
Prepare the appropriate journal entry for each of the following transactions:
1. On January 23, 2011, Western Transport reacquired 10 million shares at $20 per share.
2. On September 3, 2011, Western Transport sold 1 million treasury shares at $21 per share.
3. On November 4, 2011, Western Transport sold 1 million treasury shares at $18 per share.


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  • CreatedJuly 05, 2013
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