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Exercise 18-12 (Algo) Treasury stock [LO18-5] In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Transport had issued
Exercise 18-12 (Algo) Treasury stock [LO18-5]
In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Transport had issued 190 million shares of its $1 par common stock at $19 per share.
Required:
Prepare the appropriate journal entry for each of the following transactions:
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
- On January 23, 2024, Western Transport reacquired 15 million shares at $22 per share.
- On September 3, 2024, Western Transport sold 4 million treasury shares at $23 per share.
- On November 4, 2024, Western Transport sold 4 million treasury shares at $20 per share.
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