Question

In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transp...

In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had issued 240 million shares of its $1 par common stock at $24 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).)

  1. On January 23, 2018, Western Transport reacquired 15 million shares at $27 per share.
  2. On September 3, 2018, Western Transport sold 3 million treasury shares at $28 per share.
  3. On November 4, 2018, Western Transport sold 3 million treasury shares at $25 per share
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Answer #1
Journal Entry
Date Acccount Tittle Debit Credit
23-Jan Treasury Stock $405.00
Cash ( 15 MillionX $27) $405.00
3-Sep Cash $84.00
Treasury Stock (3 MillionX $27) $81.00
Paid in Capital in Excess of Par- Treasury Stock
(3 MillionX $1)
$3.00
4-Nov Cash (3 Million X 25) $75.00
Paid in Capital in Excess of Par- Treasury Stock $3.00
Retained Earning (bal) $3.00
Treasury Stock (3 MillionX $27) $81.00
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