2 6-18) Internet Explorer hthp:/erto hm.tpx Bormer Communications\' articles of

Question

2 6-18) Internet Explorer hthp:/erto hm.tpx Bormer Communications' articles of incorporation authorized the issuance of 120 million common shares The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Bomer's shareholders' equity included the following Shareholders' Equity (S in milions) Common stock, 100 million shares at $1 par Paid-in capital-excess of par Retained earnings 100 300 290 Required: Assuming that Bomer Communicaions retres shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate jounal 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, 2016, Boner reacquired 2 million shares at $4 50 per share 2. On August 23, 2016, Borner reacquired 4 million shares at $3.00 per share 3 On July 25, 2017, Borner sold 3 milion common shares at $5 per share view transaction list view general journal Journal Entry Worksheet Record the reacquisition of 2 million shares by Borner tate General Journal DebitCredit Janary 07, 2016

Explanation / Answer

Date General Journal Debit Credit January 07,2016 Common Stock           2.00 Paid in Capital-in excess of par           6.00 Retained Earning           1.00 Cash           9.00 Date General Journal Debit Credit August 23, 2016 Common Stock 4 Paid in Capital-in excess of par 8 Cash 12 Date General Journal Debit Credit July 25, 2016 Cash 15 Common Stock 3 Paid in Capital-in excess of par 12

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