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The December 31, 2024, balance sheet of MBI Company included the following: Common stock, 20.8 million shares outstanding at $1 par $ 20,800,000 Paid-in capitalexcess
The December 31, 2024, balance sheet of MBI Company included the following:
Common stock, 20.8 million shares outstanding at $1 par | $ 20,800,000 |
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Paid-in capitalexcess of par | 104,000,000 |
Retained earnings | 123,000,000 |
MBI completed the following transactions in 2024 relating to treasury stock:
March 17: | Reacquired 2.8 million shares at $10.80. |
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May 17: | Reacquired 2.8 million shares at $9.40. |
August 10: | Issued 3.8 million shares at $12.40. |
Required:
Prepare journal entries to record the foregoing transactions on a weighted average basis.
Note: 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 4 decimal places (i.e., 5,555,000 should be entered as 5.5550).
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