In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Transport
Question:
In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, 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, 2024, Western Transport reacquired 10 million shares at $20 per share.
2. On September 3, 2024, Western Transport sold 1 million treasury shares at $21 per share.
3. On November 4, 2024, Western Transport sold 1 million treasury shares at $18 per share.
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1 The journal entry is as follows i ...View the full answer
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