Question
Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. In 2014, Apple had the largest market
Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. In 2014, Apple had the largest market value of any company. Apple has over 92,000 full-time employees. The company's statement of cash flows contained the following information (in millions): 2014 2013 2012 Cash flows from financing activities: Repurchases of common stock 2014: (45,000 ) 2013: (22,860 ) 2012: 0
1. Record the Repurchases of common stock in 2014. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
2. Record the sale of treasury stock. Assume the stock had been purchased at a cost of $9 million and the company sold the stock for $10 million. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
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