Question

In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2016, 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: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

On January 23, 2021, Western Transport reacquired 10 million shares at $20 per share.
On September 3, 2021, Western Transport sold 1 million treasury shares at $21 per share.
On November 4, 2021, Western Transport sold 1 million treasury shares at $18 per share.

Answer 1

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.