! Required information P11-7 (Algo) Analyzing Treasury Stock Transactions LO11-3, 11-9 [The following information applies to the questions displayed below.] Mango designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. Mango employs over 92,000 people in the United States. A recent statement of cash flows contained the following information (in millions): Year 3 Year 2 Year 1 Cash flows from financing activities: Repurchases of common stock (130.1) (407.6) 0 P11-7 Part 1 Required: 1. Prepare the journal entry to record the purchase of treasury stock in Year 3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Journal entry worksheet Record the purchase of treasury stock in Year 3. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 P11-7 Part 2 2. Assume that Apple resold some of the treasury stock. The shares were originally purchased for $9.8 million and were resold for $11.6 million. Prepare the journal entry to record the sale of the treasury shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record the sale of treasury stock. Note: Enter debits before credits Transaction General Journal Debit Credit 1