Check my work 4 In 2018, Western Transport Company entered into the treasury sto
ID: 2523551 • Letter: C
Question
Check my work 4 In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had ssued 250 million shares of Its $1 par common stock at $25 per share. 10 peints Required: Prepare the appropriate journal entry for eech 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)) 1 On January 23, 2018, Westen Transport reacquired 15 million shares at $28 per share. 2. On September 3, 2018, Westem Transport sold 2 million treasury shares at $29 per share On November 4, 2018, Western Transport sold 2 million treasury shares at $26 per share Viaw transaction list Journal entry worksheet Record the reacquisition of 15 million shares at $28 per share.Explanation / Answer
Ans :
Date accounts title Debit ($ in millions) Credit ($ in millions) Jan.23 2018 Treasury stock (15 million * 28) 420 Cash 420 accounts receivable Sept 3, 2018 cash ( 2 million * 29) 58 Treasury stock ( 2 million * 28) 56 Paid in capital - share repurchase( remainder) 2 Nov 4, 2018 Cash ( 2 million * 26) 52 Paid in capital - share repurchase( available balance from 2) 2 Retained earning ( remainder) 2 Treasury stock ( 2 million * 28) 56