The December 31,2016,balance sheet of MBI Company included the following:
MBI completed the following transactions in 2016 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:
Assuming MBI uses the cost method,prepare journal entries to record the foregoing transactions on a weighted average basis.
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