The December 31, 2021, balance sheet of MBI Company included the following: Common stock, 20 million shares outstanding at $1 par$20,000,000 Paid-in capital—excess of par 100,000,000 Retained earnings 115,000,000 MBI completed the following transactions in 2021 relating to treasury stock: March 17: Reacquired 2 million shares at $10.May 17: Reacquired 2 million shares at $9.August 10: Issued 3 million shares at $12. Required:Prepare journal entries to record the foregoing transactions on a weighted average basis. (Do not round your per share amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Journal entries in the books of accounts are recorded to prepare a proper report of the transactions…

Answered: The December 31, 2021, balance sheet of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 16P: Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018,...

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The December 31, 2021, balance sheet of MBI Company included the following:


Common stock, 20 million shares outstanding at $1 par	$	20,000,000
Paid-in capital—excess of par		100,000,000
Retained earnings		115,000,000

MBI completed the following transactions in 2021 relating to treasury stock:

March	17:	Reacquired 2 million shares at $10.
May	17:	Reacquired 2 million shares at $9.
August	10:	Issued 3 million shares at $12.

Required:
Prepare journal entries to record the foregoing transactions on a weighted average basis. (Do not round your per share amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

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