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Prepare the appropriate journal entry for each transactions

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Question - In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 290 million shares of its $1 par common stock at $29 per share.

Required - Prepare the appropriate journal entry for each of the following transactions:

1. On January 23, 2021, Western Transport reacquired 20 million shares at $32 per share.

2. On September 3, 2021, Western Transport sold 3 million treasury shares at $33 per share.

3. On November 4, 2021, Western Transport sold 3 million treasury shares at $30 per share.

Reference no: EM132709673

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