In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western...

Transcribed Image Text:

In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 150 million shares of its $1 par common stock at $14 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/levent, 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, 2021, Western Transport reacquired 10 million shares at $17 per share. 2. On September 3, 2021, Western Transport sold 4 million treasury shares at $18 per share. 3. On November 4, 2021, Western Transport sold 4 million treasury shares at $15 per share. View transaction list X: > 1 Record the reacquisition of 10 million shares at $17 per share. 2 Record the sale of 4 million treasury shares at $18 per share. 3 Record the sale of 4 million treasury shares at $15 per share. Credit In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 150 million shares of its $1 par common stock at $14 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/levent, 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, 2021, Western Transport reacquired 10 million shares at $17 per share. 2. On September 3, 2021, Western Transport sold 4 million treasury shares at $18 per share. 3. On November 4, 2021, Western Transport sold 4 million treasury shares at $15 per share. View transaction list X: > 1 Record the reacquisition of 10 million shares at $17 per share. 2 Record the sale of 4 million treasury shares at $18 per share. 3 Record the sale of 4 million treasury shares at $15 per share. Credit

Answer rating: 100% (QA)

In 2019 Western Transport had issued 150 million shares of its 1 par common stock at 14 per share Ca... View the full answer