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In 2024, Arnor's Products completed the retirement of shares and the purchase and sale of treasury stock transactions described below. January 2: Reacquied and immediately
In 2024, Arnor's Products completed the retirement of shares and the purchase and sale of treasury stock transactions described below. | |||
January 2: | Reacquied and immediately retired 5 million shares of common stock @ $15 per share. | ||
February 15: | Reacquired 10 million shares as treasury stock at $16.60 per share. | ||
July 1: | Sold 3 million treasury shares at $20.30 per share. | ||
September 20: | Sold 3 million treasury shares at $15.50 per share. | ||
Arnor had issued 50 million shares of its $1 par common stock for $18 several years ago. | |||
Required: | |||
Record the above transactions assuming that Arnor's Products uses the cost method. | |||
in millions | |||
DATE | General Journal | Debit | Credit |
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