Homework Answers
| Journal entries ($ in Million) | |||
| S. No. | Account Tittle | Debit | Credit |
| 1 | Treasury stock (134 Million $27) | $3,618.00 | |
| cash | $3,618.00 | ||
| To record treasury stock Purchase | |||
| 2 | Common stock (134 Million *0.01) | $1.34 | |
| Paid in capital -excess of par (134*7.59) | $1,017.06 | ||
| Retained earnings (bf) | $2,599.60 | ||
| cash (134 Million *27) | $3,618.00 | ||
| To record retirement of common stock | |||
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