Chapter 15, Problem 15.6P

Common Stock Issuance, Treasury Stock, Dividends, Comprehensive Income. Royal Hill Companies provided the following information regarding its stockholders’ equity section of the balance sheet for the 3-year period ending December 31, 2018.

Stockholders’ equity:
(In millions, except for share amounts)	2018	2017	2016
Common Stock, no par value	$ 229.20	$ 229.20	$ 229.20
Additional Paid-in Capital from Treasury Stock Transactions	99.24	99.24	119.09
Retained Earnings	2,089.68	1,809.72	2,217.50
Accumulated Other Comprehensive Income (Loss) - Unrealized Debt Investment Gain (Loss)	(0.24)	(0.36)	0
Treasury Stock, at Cost; 56,071,000 and 32,835,000 shares, in 2018 and 2017 respectively	(1,71792)	(1,031.28)	(1,237.97)
Total Stockholders’ Equity	$699.96	$1,106.52	$1,327.82

Required

Prepare the summary journal entries for 2017 and 2018 to reflect the changes in the shareholders’ equity accounts included in the statement provided above. Royal Hill did not pay any dividends in these years and made no prior-period adjustments. Assume that the treasury stock transactions did not affect retained earnings.