Borner Communications' articles of incorporation authorized the issuance of 130 million ordinary shares. Thetransactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner'sshareholders' equity included the following:Retirement ofshares• LO5Shareholders' Equity($ in millions)Ordinary share capital, 100 million shares at $1 par$100Julw/ Additional issued capitaly IRetained earnings300210Required:Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized butunissued shares), record the appropriate journal entry for each of the following transactions:1. On January 7, 2013, Borner reacquired 2 million shares at $5.00 per share.2. On August 23, 2013, Borner reacquired 4 million shares at $3.50 per share.3. On July 25, 2014, Borner sold 3 million ordinary shares at $6 per share,

Journal entry - It refers to the process where the business transactions are recorded in the books…

24,VI Retained earnings Bomer Communications' articles of incorporation authorized the issuance of 130 million ordinary shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity (S in millions) Ordinary share capital, 100 million shares at $1 par JUlw/ Additional issued capital VIRetained earnings $100 300 い。 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions: 1. On January 7, 2013, Borner reacquired 2 million shares at $5.00 per share. 210 2. On August 23, 2013, Bomer reacquired 4 million shares at $3.50 per share. 3. On July 25, 2014, Borner sold 3 million ordinary shares at $6 per share.

24,VI Retained earnings Bomer Communications' articles of incorporation authorized the issuance of 130 million ordinary shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity (S in millions) Ordinary share capital, 100 million shares at $1 par JUlw/ Additional issued capital VIRetained earnings $100 300 い。 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions: 1. On January 7, 2013, Borner reacquired 2 million shares at $5.00 per share. 210 2. On August 23, 2013, Bomer reacquired 4 million shares at $3.50 per share. 3. On July 25, 2014, Borner sold 3 million ordinary shares at $6 per share.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

Borner Communications' articles of incorporation authorized the issuance of 130 million ordinary shares. The
transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's
shareholders' equity included the following:
Retirement of
shares
• LO5
Shareholders' Equity
($ in millions)
Ordinary share capital, 100 million shares at $1 par
$100
Julw/ Additional issued capital
y IRetained earnings
300
210
Required:
Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but
unissued shares), record the appropriate journal entry for each of the following transactions:
1. On January 7, 2013, Borner reacquired 2 million shares at $5.00 per share.
2. On August 23, 2013, Borner reacquired 4 million shares at $3.50 per share.
3. On July 25, 2014, Borner sold 3 million ordinary shares at $6 per share,

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