Exercise 18-13 (Algo) Treasury stock; weighted-average and FIFO cost [LO18-5] At December 31, 2023, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders' Equity Common stock, 70 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in millions) $ 70 420 530 Required: Assuming that Meca International views its share buybacks as treasury stock, record 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). 1. On February 12, 2024, Meca reacquired 1 million common shares at $12 per share. 2. On June 9, 2025, Meca reacquired 2 million common shares at $9 per share. 3. On May 25, 2026, Meca sold 2 million treasury shares at $15 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