Salvador Company has the following accounts in its shareholders' equity section at the beginning of the current year: (Click the icon to view the data.) 3. Requirement Prepare the journal entries required to record the following share buyback transactions, assuming that Salvador Company holds the shares in the treasury using the cost method: Salvador reacquired 24,000 shares to hold as treasury stock, paying $11.00 per share. Salvador sold 12,000 of the shares for $15.00 per share. Salvador reissued the remaining 12,000 shares for $6.00 per share. (Record debits first, then credits. Exclude explanations from any journal entries.) Salvador reacquired 24,000 shares to hold as treasury stock, paying $11.00 per share. Account Current Year 1 2 3 (4) Salvador sold 12,000 of the shares for $15.00 per share. Current Year Account (5) |(6) (7) (8) Salvador reissued the remaining 12,000 shares for $6.00 per share. Current Year Account (9) (10) (11) (12) 1: Data Table Common stock ($4 par, 750,000 shares issued and outstanding) 3,000,000 Additional paid-in capital in excess of par - common 1,100,000 Retained earnings 2,400,000