Question - Treasury Stock
In 2011, Western Transport Company entered into the treasury stock transactions described below. In 2009, Western Transport had issued 145 million shares of its $1.51 par common stock at $20 per share.
Required: Prepare the appropriate journal entry for each of the following transactions
1. On January 23, 2011, Western Transport reacquired 16 million shares at $23 per share.
2. On September 3, 2011, Western Transport sold 2 million treasury shares at $24 per share.
3. On November 4, 2011, Western Transport sold 2 million treasury shares at $21 per share.