Minnesota Mining and Manufacturing Company (3M) presented the following data in its 2011 annual report: 1. During

Question:

Minnesota Mining and Manufacturing Company (3M) presented the following data in its 2011 annual report:

1. During 2011, 3M reacquired 31.3 million treasury shares for $2,701 million. Give the journal entry to record this transaction. On average, what did 3M pay per share repurchased?
2. 3M also issued some treasury shares as part of its employee stock option and investment plans. What was the cost of treasury shares issued in 2011?
3. Suppose that on January 2, 2012, 3M used cash to reacquire 100,000 shares for $89 each and held them in the treasury. Prepare the journal entry. What is the new stockholders€™ equity total after the acquisition of treasury stock?
4. Suppose the 100,000 shares of treasury stock acquired in requirement 3 are sold for $96 per share. Prepare the journal entry.
5. Ignore requirement 4. Suppose the 100,000 shares of treasury stock are sold for $60 per share. Prepare the journal entry.