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low effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included t ($ in millions) $100 Shareholders' Equity Common stock, 100 million shares at $1 par Paid-in capital Retained earnings excess of par 300 210 equired: ssuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissuec ecord the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event purnal entry required" in the first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 1. On January 7, 2021, Borner reacquired 2 million shares at $5 per share. 2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share. 3. On July 25, 2022, Borner sold 3 million common shares at $6 per share.

low effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included t ($ in millions) $100 Shareholders' Equity Common stock, 100 million shares at $1 par Paid-in capital Retained earnings excess of par 300 210 equired: ssuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissuec ecord the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event purnal entry required" in the first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 1. On January 7, 2021, Borner reacquired 2 million shares at $5 per share. 2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share. 3. On July 25, 2022, Borner sold 3 million common shares at $6 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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Checl below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity Common stock, 100 million shares at $1 par Paid-in capital Retained earnings ($ in millions) $100 300 210 excess of par 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: (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 7, 2021, Borner reacquired 2 million shares at $5 per share. 2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share. 3. On July 25, 2022, Borner sold 3 million common shares at $6 per share. 獲, View transaction Iist View Journal entry worksheet No Date General Journal Debit Credit January 07, 2021 Common stock Paid-in capital - excess of par Retained earnings Cash August 23, 2021 Common stock Paid-in capital - excess of par Paid-in capital - share repurchase Cash Prev 21 of 23 Next > Question no....pages pdf Question no....pages
Transcribed Image Text:Checl below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity Common stock, 100 million shares at $1 par Paid-in capital Retained earnings ($ in millions) $100 300 210 excess of par 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: (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 7, 2021, Borner reacquired 2 million shares at $5 per share. 2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share. 3. On July 25, 2022, Borner sold 3 million common shares at $6 per share. 獲, View transaction Iist View Journal entry worksheet No Date General Journal Debit Credit January 07, 2021 Common stock Paid-in capital - excess of par Retained earnings Cash August 23, 2021 Common stock Paid-in capital - excess of par Paid-in capital - share repurchase Cash Prev 21 of 23 Next > Question no....pages pdf Question no....pages
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