At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts:

Shareholders' Equity ($ in millions)

Common stock, 95 million shares at $1 par $95

Paid-in capital-excess of par 370

Retained earnings 480

Required:

Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions:

1. On February 12, 2021, Meca reacquired 2 million common shares at $18 per share.

2. On June 9, 2022, Meca reacquired 3 million common shares at $13 per share.

3. On May 25, 2023, Meca sold 3 million treasury shares at $20 per share. Determine cost as the weighted-average cost of treasury shares.

4. For the previous transaction, assume Meca determines the cost of treasury shares by the FIFO method.