(Solution) - Apple Inc designs manufactures and markets mobile communication and media -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 5 Words: 1375

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Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. In 2014, Apple had the largest market value of any company. Apple has over 92,000 full-time employees. The company's statement of cash flows contained the following information (in millions):

Required:
1. Prepare the journal entry to record the purchase of treasury stock in 2014.
2. Assume that Apple resold some of the treasury stock. The shares were original purchased for $9 million and were resold for $10 million. Prepare the journal entry to record the sale of the treasury shares.