Question
Treasury stock LO185 In 2016, Western Transport Company entered into the treasury stock transactions described below. In 2014, Western Transport had issued 140 million shares
Treasury stock
LO185
In 2016, Western Transport Company entered into the treasury stock transactions described below. In 2014, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share.
Required:
Prepare the appropriate journal entry for each of the following transactions:
1.On January 23, 2016, Western Transport reacquired 10 million shares at $20 per share.
2.On September 3, 2016, Western Transport sold 1 million treasury shares at $21 per share.
3.On November 4, 2016, Western Transport sold 1 million treasury shares at $18 per share.
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