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Exercise 18-11 (Algo) Retirement of shares [LO18-5]

In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 170 million shares of its $1 par common stock at $29 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 field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

On January 2, 2021, Borland reacquired 13 million shares at $28.00 per share.

On March 3, 2021, Borland reacquired 13 million shares at $31 per share.

On August 13, 2021, Borland sold 1 million shares at $37 per share.

On December 15, 2021, Borland sold 2 million shares at $31 per share..

Record the reacquisition of 13 million shares at $28.00 per share.

2

Record the reacquisition of 13 million shares at $31 per share.

3

Record the sale of 1 million shares at $37 per share.

4

Record the sale of 2 million shares at $31 per share.

No	Date	General Journal	Debit	Credit
1	January 02, 2021	Common stockselected answer correct	13selected answer correct	not attempted
		Paid-in capital - excess of parselected answer correct	290selected answer incorrect	not attempted
		Paid-in capital - share repurchaseselected answer correct	not attempted	not attempted
		Cashselected answer correct	not attempted	not attempted

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