(Answered) Question - in 2016 western transport company entered into

Accounting

Question - In 2016, Western Transport Company entered into the treasury stock transactions described below. In 2014, 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:

1. On January 23, 2016, Western Transport reacquired 10 million shares at $20 per share.

2. On September 3, 2016, Western Transport sold 1 million treasury shares at $21 per share.

3. On November 4, 2016, Western Transport sold 1 million treasury shares at $18 per share.

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