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In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 170 million shares of its $1 par common stock at $34 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 $32.50 per share. 2. On March 3, 2024, Borland reacquired 10 million shares at $36 per share. 3. On August 13, 2024, Borland sold 1 million shares at $42 per share. 4. On December 15, 2024, Borland sold 2 million shares at $36 per share.

In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 170 million shares of its $1 par common stock at $34 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 $32.50 per share. 2. On March 3, 2024, Borland reacquired 10 million shares at $36 per share. 3. On August 13, 2024, Borland sold 1 million shares at $42 per share. 4. On December 15, 2024, Borland sold 2 million shares at $36 per share.

FINANCIAL ACCOUNTING
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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1 2 3 Record the reacquisition of 10 million shares at $32.50 per share. Record the reacquisition of 10 million shares at $36 per share. Record the sale of 1 million shares at $42 per share. 4 Record the sale of 2 million shares at $36 per share.
Transcribed Image Text:1 2 3 Record the reacquisition of 10 million shares at $32.50 per share. Record the reacquisition of 10 million shares at $36 per share. Record the sale of 1 million shares at $42 per share. 4 Record the sale of 2 million shares at $36 per share.
In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 170 million shares of its $1 par common stock at $34 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 $32.50 per share. 2. On March 3, 2024, Borland reacquired 10 million shares at $36 per share. 3. On August 13, 2024, Borland sold 1 million shares at $42 per share. 4. On December 15, 2024, Borland sold 2 million shares at $36 per share. View transaction list Journal entry worksheet < 1 2 3 4 Record the reacquisition of 10 million shares at $32.50 per share. Date Note: Enter debits before credits. General Journal Debit Credit
Transcribed Image Text:In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 170 million shares of its $1 par common stock at $34 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 $32.50 per share. 2. On March 3, 2024, Borland reacquired 10 million shares at $36 per share. 3. On August 13, 2024, Borland sold 1 million shares at $42 per share. 4. On December 15, 2024, Borland sold 2 million shares at $36 per share. View transaction list Journal entry worksheet < 1 2 3 4 Record the reacquisition of 10 million shares at $32.50 per share. Date Note: Enter debits before credits. General Journal Debit Credit
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