Chapter 18-5 In 2018, Western Transport Company entered into the treasury stock transactions described below....
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Accounting
Chapter 18-5
In 2018, 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, type 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, 2018, Western Transport reacquired 10 million shares at $20 per share.
- On September 3, 2018, Western Transport sold 1 million treasury shares at $21 per share.
- On November 4, 2018, Western Transport sold 1 million treasury shares at $18 per share.
| Date | General Journal | Debit | Credit |
| January 23, 2018 |
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