1. In 2013, Western Transport Company entered into the treasury stock transactions described below. In 2011, 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, 2013, Western Transport reacquired 10 million shares at $20 per share.

2. On September 3, 2013, Western Transport sold 1 million treasury shares at $21 per share.

3. On November 4, 2013, Western Transport sold 1 million treasury shares at $18 per share.

2. The shareholders