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Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no
Required: Assuming that Meca International views its share buybacks as treasury stock, 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 February 12, 2021, Meca reacquired 2 million common shares at $15 per share. 2. On June 9, 2022, Meca reacquired 3 million common shares at $10 per share. 3. On May 25, 2023, Meca sold 3 million treasury shares at $18 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. Journal entry worksheet Record the reacquisition of 2 million common shares at $15 per share. Note: Enter debits before credits. Journal entry worksheet Record the reacquisition of 3 million common shares at $10 per share. Note: Enter debits before credits. Journal entry worksheet 1 Record the sale of 3 million treasury shares at $18 per share-determine cost as the weighted average cost of treasury shares. Note: Enter debits before credits. Journal entry worksheet 1 Record the sale of 3 million treasury shares at $18 per share-determine cost of treasury shares by the FIFO method. Note: Enter debits before credits
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