In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 million shares of its $1 par common stock at $45 per share.Required:Assuming the Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (if no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10).)On January 2, 2021, Borland reacquired 10 million shares at $43.50 per share.On March 3, 2021, Borland reacquired 10 million shares at $47 per share.On August 13, 2021, Borland sold 1 million shares at $53 per share.On December 15, 2021, Borland sold 2 million shares at $47 per share. Journal entry worksheetRecord the reacquisition of 10 million shares at $43.50 per share.Record the reacquisition of 10 million shares at $47 per share.Record the sale of 1 million shares at $53 per share.Record the sale of 2 million shares at $47 per share.

Journal entries refer to the recording of the transactions in the debit and credit format which…

Answered: In 2021, Borland Semiconductors entered…

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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In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 million shares of its $1 par common stock at $45 per share.

Required:

Assuming the Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (if no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10).)