ezto.mheducation.com Question 3 (of 25) 10.00 points In 2016, Borland Semiconduc

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ezto.mheducation.com Question 3 (of 25) 10.00 points In 2016, Borland Semiconductors entered into the transactions descibed below. In 2013, Borland had issued 175 million shares of its $1 par common stock at $31 per share Required Assuming that Bonand retires shares reacquires, record the ropriate jumal enty for ech d te following transactions: (If no entry is required for a transactionievent, select "No journal entry required" in the first account field. Enter your answers in millions (e, 10,000,000 should be entered as 10)) 1. On January 2,2016, Borland reacquired 14 million shares at $29 50 per share 2 On March 3, 2016, Borland reacquired 14 million shares at $33 per share 3. On August 13, 2016, Borland sold 1 million shares at $39 per share. 4 On December 15, 2016, Borland sold 2 million shares at $33 per share View transaction list Record the reacquiring of 14 million shares at $29.50 per share. 1 Record the reacquisition of 14 million shares at $33 per share. 2 3 Record the sale of 1 million shares at $39 per share. 4 Record the sale of 2 million shares at $33 per share 2 4 lock

Explanation / Answer

Date Account Titles and Explanation Debit Credit Jan 2, 2014 Common stock (14 million x $1) $14.00 PIC in excess of par-Common shares (14 million x $30) $420.00                      Cash (14 million x $29.50) $413.00                       PIC on repurchase of stock (balancing figure) $21.00 Mar 2, 2014 Common stock (14 million x $1) $14.00 PIC in excess of par-Common shares (14 million x $30) $420.00 PIC on repurchase of stock (balance from previous entry) $21.00 Retained Earnings (balancing figure) $7.00                      Cash (14 million x $33) $462.00 Aug 13, 2016 Cash (1 million x $39) $39.00                 Common Stock (1million x $1) $1.00                 PIC in excess of par-Common Share (1 million x $38) $38.00 Dec 15,2016 Cash (2 million x $33) $66.00                 Common Stock (2million x $1) $2.00                 PIC in excess of par-Common Share (2 million x $32) $64.00

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