In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 130 million shares of its $1 par common stock at $13 per share.   Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)   On January 23, 2021, Western Transport reacquired 10 million shares at $16 per share. On September 3, 2021, Western Transport sold 5 million treasury shares at $17 per share. On November 4, 2021, Western Transport sold 5 million treasury shares at $14 per share.

Teal Corporation is preparing its December 31, 2025, balance sheet. The following items may be reported as either a current or long- term liability. 1. 2. 3. 1. 2. On December 15, 2025, Teal declared a cash dividend of $3.60 per share to stockholders of record on December 31. The dividend is payable on January 15, 2026. Teal has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. 3. At December 31, bonds payable of $109,637,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $27,409,250 every September 30, beginning September 30, 2026. At December 31, 2024, customer advances were $14,414,000. During 2025, Teal collected $31,008,000 of customer advances; advances of $26,664,000 should be recognized in income. Dividends payable Bonds payable (September 30, 2026 installment) Bonds payable…

The board of directors of Skysong, Inc. declared a cash dividend of $2.05 per share on 37000 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The correct entry to be recorded on August 15, 2020, will include a

In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, 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: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 1. On January 23, 2024, Western Transport reacquired 10 million shares at $20 per share. 2. On September 3, 2024, Western Transport sold 1 million treasury shares at $21 per share. 3. On November 4, 2024, Western Transport sold 1 million treasury shares at $18 per share. View transaction list Journal entry worksheet 1 2 3 Record the reacquisition of 10 million shares at $20 per share. Note: Enter debits before credits. Date January 23, 2024 General Journal Debit Credit く

In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 71,000 shares at $12.10. March 17: Sold 21,000 shares at $14.05. May 17: Sold 26,000 shares at $8.05. Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.Required:Prepare the journal entries to record the above transactions, using the cost method.

Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).

Check my work ! Required information [The following information applies to the questions displayed below.] On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,500 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 750 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Required: a-1. Use the horizontal model for the treasury stock purchase on March 24, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Income Statement Assets…

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Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold reacquired 105 shares at $87 per share. On September 1, Marigold reissued 62 shares at $91 per share. On November 1, Marigold reissued 43 shares at $84 per share. Prepare Marigold's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 11/1/20