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General Journal Debit Credit On January 23, 2018, Western Transport reacquired 10 million shares at $20 per share. Date General Journal Debit Credit January 23, 2018 Treasury Stock 10 [email protected] $20 200.00 Cash 200.00 (Reacquired 10 mn common shares -Using Cost | Method) On September 3, 2018, Western Transport sold 1 million treasury shares at $21 per share. September 3, 2018 Cash 1 [email protected]$21 21.00 Additional Paid-in Capital-TS 1.00 Treasury Stock 20.00 (1 mn @$20) On November 4, 2018, Western Transport sold 1 million treasury shares at $18 per share. November 4, 2018 Cash 1 mn @$18 Additional Paid-in Capital-TS Retained Earnings Treasury Stock (1 mn @$20) 18.00 1.00 1.00 20.00 if the cash received on resale is less than the total par value of treasury shares, the difference is debited to additional paid-in capital from treasury stock provided it has sufficient credit balance otherwise retained earnings account is debited.
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