In 2018, Poes Products completed the treasury stock transactions described below. January 2: Reacquired 12...
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In 2018, Poes Products completed the treasury stock transactions described below.
January 2: Reacquired 12 million shares at $18 per share.
February 15: Sold 4 million shares at $25 per share.
September 20: Sold 4 million treasury shares at $20 per share.
Poes Products had issued 60 million shares of its $1 par common stock for $20 several years ago.
Prepare any necessary journal entries to record the above transactions. Show all computations.
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