Question

In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had issued 155 million shares of its $1 par common stock at $44 per share. Required: Assuming that Borland retires shares it reacquires, 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 fleld. Enter your answers in millions i.e., 10,000,000 should be entered as 10)) ook 1 On January 2, 2018, Borland reacquired 10 million shares at $42.50 per share. 2. On March 3, 2018, Borland reacquired 10 million shares at $46 per share 3. On August 13, 2018, Borland sold 1 million shares at $52 per share. 4. On December 15, 2018, Borland sold 2 million shares at $46 per share. lint View transaction list Print ournal entry worksheet Record the reacquisition of 10 million shares at $42.50 per share. Note: Enter debits before credits General Journal Debit January 02, 2018 Record sntry Clear entry View generel journal

Answer 1

02-Jan	Common stock	10	(10*1)
	Paid in capital in excess of par	430	(10*43)
	Paid in capital share repurchase		15
	Cash		425	(10*42.5)
03-Mar	Common stock	10	(10*1)
	Paid in capital in excess of par	430	(10*43)
	Paid in capital share repurchase	20
	Cash		460	(10*46)
13-Aug	Cash	52
	Common stock		1	(1*1)
	Paid in capital excess of par		51	(1*51)
15-Dec	Cash	92
	Common stock		2	(2*1)
	Paid in capital excess of par		90	(2*45)