question1

In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 270 million shares of its $1 par common stock at $27 per share.

Required:

Prepare 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 23, 2021, Western Transport reacquired 20 million shares at $30 per share.
2. On September 3, 2021, Western Transport sold 3 million treasury shares at $31 per share.
3. On November 4, 2021, Western Transport sold 3 million treasury shares at $28 per share

question 2

The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $7 million, $19 million, and $130 million in its first three years of operation?2021, 2022, and 2023, respectively.

($ in millions)Common stock$125Paid-in capital?excess of par, common910Preferred stock, 6%250Paid-in capital?excess of par, preferred630

Required:

Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating.(Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

question 3

The shareholders' equity of Core Technologies Company on June 30, 2020, included the following:

Common stock, $1 par; authorized, 7 million shares;

issued and outstanding, 3 million shares$3,000,000Paid-in capital?excess of par12,000,000Retained earnings16,000,000

On April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $36 on April 1, 2021, and $46 on June 1, 2021.

Required:

Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend.

A ccsu.blackboard.com Blackboard Learn Homework Help - Q&A from Online Tutors - Course Hero Central Connecticut State University Reshma Shaikh MyCourses@CCSU Organizations@CCSU Content Collection Connect HW Chapter 18 i Saved Help Save & Exit Submit Required: 5 Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend. Complete this question by entering your answers in the tabs below. 4 points Stock Dividend General Skipped Journal Complete the below table to calculate the stock dividend. eBook Stock Dividend Hint Number of outstanding shares Stock dividend percentage (%) % Print Number of shares to be issued References Value of stock dividend $ 0 Mc Graw Hill ducation