Sarasota Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,800 shares) $523,200 Retained Earnings 309,100 (a) Prepare entries in journal form to record the following transactions, which took place during 2021. (1) 280 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $21 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 480 shares of outstanding stock were purchased at $106 per share. (6) 320 of the shares purchased in (5) above were resold at $96 per share.

At the end of 2021, selected records and accounts of Megamoth Corporation reflected the following information:          Common stock, $5 par, authorized 800,000 shares;                         issued and outstanding 156,000 shares...........................                $780,000          There were 100,000 shares of common stock outstanding                         at the beginning of the year. The company issued                         25,000 additional shares on April 1, 2021, acquired and                         retired 5,000 shares July 1, 2021, and declared and issued                         30% stock dividend on August 31, 2021.          Preferred stock, par $20, 9%, cumulative,                         convertible into common stock on a share for                         share basis, issued and outstanding 10,000 shares.........                200,000          Paid-in-capital in excess of par: Common stock...........................                120,000          Paid-in-capital…

At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts:  Shareholders’ Equity ($ in millions) Common stock, 70 million shares at $1 par $ 70   Paid-in capital—excess of par   420   Retained earnings   530     Required:Assuming that Meca International views its share buybacks as treasury stock, record 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 February 12, 2021, Meca reacquired 1 million common shares at $12 per share. On June 9, 2022, Meca reacquired 2 million common shares at $9 per share. On May 25, 2023, Meca sold 2 million treasury shares at $15 per share. Determine cost as the weighted-average cost of treasury shares. For the previous transaction, assume Meca determines the cost of treasury…

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method.