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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.

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