Question - Ordinary share $2.00 par value per share, 2,100 million shares issued $4200
Capital in excess of par value $8400
Retained earnings 250
Treasury share, at cost (70)
Total shareholders' equity 12780
Southwest's 20X7 transactions included the following:
a. Net income, $446 million.
b. Issuance of 9 million shares of ordinary share for $13.50 per share. c. Purchase of 3 million shares of treasury share for $16 million.
d. Declaration and payment of cash dividends of $32 million.
Requirement - Journalize Southwest's transactions in b, c, and d. Explanations are not required.