Treasury stock

In 2013, Western Transport Company entered into the treasury stock transactions described

below. In 2011, 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, 2013, Western Transport reacquired 10 million shares at $20 per

share.

2.

On September 3, 2013, Western Transport sold 1 million treasury shares at $21

per share.

3.

On November 4, 2013, Western Transport sold 1 million treasury shares at $18

per share.