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31 July, 09:41

In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 165 million shares of its $1 par common stock at $27 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 12 million shares at $25.50 per share. On March 3, 2021, Borland reacquired 12 million shares at $29 per share. On August 13, 2021, Borland sold 1 million shares at $35 per share. On December 15, 2021, Borland sold 2 million shares at $29 per share

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  1. 31 July, 09:42
    0
    Jan 2

    Dr Common Stock 12

    DrPaid-In Capital (Excess of Par) 312

    Cr Paid-In Capital (Share Repurchase) 18

    Cr Cash 306

    Mar 3

    Dr Common Stock 12

    Dr Paid-In Capital (Excess of Par) 312

    Dr Paid-In Capital (Share Repurchase) 18

    Dr Retained earnings 6

    Cr Cash 348

    Aug 13

    Dr Cash 35

    Cr Common Stock 1

    Cr Paid-In Capital (Excess of Par) 34

    Dec 15

    Dr Cash 58

    Cr Common Stock 2

    Dr (Paid-In Capital (Excess of Par) 56

    Explanation:

    Borland Semiconductors Journal entries

    Jan 2

    Dr Common Stock 12

    (12 million shares * $1 par)

    DrPaid-In Capital (Excess of Par) 312

    (12 million shares * $26*)

    $27 - $1 par.

    Cr Paid-In Capital (Share Repurchase) 18

    Cr Cash 306

    (12 million shares * $25.50)

    To Record Reacquiring of Shares

    Mar 3

    Dr Common Stock 12

    (12 million shares * $1 par)

    Dr Paid-In Capital (Excess of Par) 312

    (12 million shares * $26*)

    $27 - $1 par.

    Dr Paid-In Capital (Share Repurchase) 18

    Dr Retained earnings 6

    Cr Cash 348

    (12 million shares * $29)

    To Record Reacquiring of Shares

    Aug 13

    Dr Cash 35

    (1 million shares * $35 per share)

    Cr Common Stock 1

    (1 million shares * $1)

    Cr Paid-In Capital (Excess of Par) 34

    To Record Sale of Shares

    Dec 15

    Dr Cash 58

    (2 million shares * $29 per share)

    Cr Common Stock2

    (2 million shares * $ 1 per share)

    Cr (Paid-In Capital (Excess of Par) 56

    To Record Sale of Shares
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