Exercise 18-11 (Algo) Retirement of shares [LO18-5] In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 180 million shares of its $1 par common stock at $32 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 1. On January 2, 2024, Borland reacquired 10 million shares at $30.50 per share. 2. On March 3, 2024, Borland reacquired 10 million shares at $34 per share. 3. On August 13, 2024, Borland sold 1 million shares at $40 per share. 4. On December 15, 2024, Borland sold 2 million shares at $34 per share.
Exercise 18-11 (Algo) Retirement of shares [LO18-5] In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 180 million shares of its $1 par common stock at $32 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 1. On January 2, 2024, Borland reacquired 10 million shares at $30.50 per share. 2. On March 3, 2024, Borland reacquired 10 million shares at $34 per share. 3. On August 13, 2024, Borland sold 1 million shares at $40 per share. 4. On December 15, 2024, Borland sold 2 million shares at $34 per share.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 13RE
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![Exercise 18-11 (Algo) Retirement of shares [LO18-5]
In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 180 million shares of its
$1 par common stock at $32 per share.
Required:
Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions:
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers
in millions (i.e., 10,000,000 should be entered as 10).
1. On January 2, 2024, Borland reacquired 10 million shares at $30.50 per share.
2. On March 3, 2024, Borland reacquired 10 million shares at $34 per share.
3. On August 13, 2024, Borland sold 1 million shares at $40 per share.
4. On December 15, 2024, Borland sold 2 million shares at $34 per share.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdaa75a80-9863-435b-b096-e77e7a826dbb%2Fb9cb91a6-3cf7-4789-9626-526b45527698%2Fqlvw0nf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 18-11 (Algo) Retirement of shares [LO18-5]
In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 180 million shares of its
$1 par common stock at $32 per share.
Required:
Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions:
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers
in millions (i.e., 10,000,000 should be entered as 10).
1. On January 2, 2024, Borland reacquired 10 million shares at $30.50 per share.
2. On March 3, 2024, Borland reacquired 10 million shares at $34 per share.
3. On August 13, 2024, Borland sold 1 million shares at $40 per share.
4. On December 15, 2024, Borland sold 2 million shares at $34 per share.
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