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During 2021, the We Got This Corporation participated in three treasury stock transactions: a. On June 30, 2021, the corporation reacquires 200,000 shares for the
During 2021, the "We Got This" Corporation participated in three treasury stock transactions: a. On June 30, 2021, the corporation reacquires 200,000 shares for the treasury at a price of $12 per share. b. On July 31, 2021, 50,000 treasury shares are reissued at $15 per share. c. On September 30, 2021, 50,000 treasury shares are reissued at $10 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the "We Got This" Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2021. (Assume net income for the second and third quarter was $3,000,000.)
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