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The December 31, 2021, balance sheet of Broncos Company included the following: Common stock, 20.1 million shares outstanding at $1 par Paid-in capital-excess of
The December 31, 2021, balance sheet of Broncos Company included the following: Common stock, 20.1 million shares outstanding at $1 par Paid-in capital-excess of par Retained earnings $ 20,100,000 100,500,000 116,000,000 Broncos completed the following transactions in 2021 relating to treasury stock: March 17: Reacquired 5.10 million shares at $10.10. May 17: Reacquired 3.10 million shares at $9.05. August 10: Sold 6.10 million shares at $12.05. Required: Assuming Broncos uses the cost method for treasury stock, prepare journal entries to record the foregoing transactions on a FIFO basis. (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 3 decimal places (i.e., 5,555,000 should be entered as 5.555).) (Please follow above instructions for entering your numbers and for rounding carefully, see the example provided) View transaction list Journal entry worksheet < 1 2 3 Reacquired 5.1 million shares at $10.10. Note: Enter debits before credits. Date March 17, 2021 General Journal Debit Credit
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