Question
In 2018, Chicago Inc. issued 175 million shares of its $1 par common stock at $30 per share. Required: Assuming that Chicago retires shares it
In 2018, Chicago Inc. issued 175 million shares of its $1 par common stock at $30 per share. Required: Assuming that Chicago retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (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 January 2, 2021, Chicago reacquired 9 million shares at $28.00 per share and retired them. 2. On March 3, 2021, Chicago reacquired 9 million shares at $33 per share and retired them. 3. On August 13, 2021, Chicago sold 1 million shares at $38 per share. 4. On December 15, 2021, Chicago sold 2 million shares at $33 per share. View transaction list Journal entry worksheet 1 2 3 4 Record the reacquisition of 9 million shares at $28.00 per share. >
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