Borner Communications’ articles of incorporation authorized the issuance of 140 million common 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 ($ in millions) Common stock, 125 million shares at $1 par $ 125 Paid-in capital – excess of par 375 Retained earnings 235 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: On January 7, 2024, Borner reacquired 2 million shares at $7.50 per share. On August 23, 2024, Borner reacquired 4 million shares at $3.00 per share. On July 25, 2025, Borner sold 3 million common shares at $9 per share
Borner Communications’ articles of incorporation authorized the issuance of 140 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following: Shareholders’ Equity ($ in millions) Common stock, 125 million shares at $1 par $ 125 Paid-in capital – excess of par 375 Retained earnings 235 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: On January 7, 2024, Borner reacquired 2 million shares at $7.50 per share. On August 23, 2024, Borner reacquired 4 million shares at $3.00 per share. On July 25, 2025, Borner sold 3 million common shares at $9 per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Borner Communications’ articles of incorporation authorized the issuance of 140 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following:
| Shareholders’ Equity | ($ in millions) |
|---|---|
| Common stock, 125 million shares at $1 par | $ 125 |
| Paid-in capital – excess of par | 375 |
| 235 |
Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate
- On January 7, 2024, Borner reacquired 2 million shares at $7.50 per share.
- On August 23, 2024, Borner reacquired 4 million shares at $3.00 per share.
- On July 25, 2025, Borner sold 3 million common shares at $9 per share
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