In 2016, Borland Semiconductors entered into the transactions described below In

Question

In 2016, Borland Semiconductors entered into the transactions described below In 2013, Borland had issued 185 million shares $1 par common stock at $34 per share. 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. 2016. Borland reacquired 11 million shares at $32 00 per share. On March 3. 2016, Borland reacquired 11 million shares at $37 per share. On August 13. 2016. Borland sold 1 million shares at $42 per share. On December 15. 2016. Borland sold 2 million shares at $37 per share.

Explanation / Answer

In the books of Borland Semiconductors Journal Entries Date Account Titles Debit Credit In $ Million In $ Million Jan 2,2016 Common stock 11 Additional paid in capital 363 Cash 352 Retained earnings 22 (Reaquired 11 million shares @ $32 per share) Mar 3,2016 Common stock 11 Additional paid in capital 363 Retained earnings 33 Cash 407 (Reaquired 11 million shares @ $37 per share) August 13,2016 Cash 42 Common stock ($1 par per share) 1 Additional paid in Capital 41 (Issued 1 million shares at $42 per share) December 15,2016 Cash 74 Common stock ($1 par per share) 2 Additional paid in Capital 72 (Issued 2 million shares at $37 per share)

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