6. 10.00 points In 2016, Borland Semiconductors entered into the transactions de

Question

6. 10.00 points In 2016, Borland Semiconductors entered into the transactions described below. In 2013, Borland had issued 200 million shares of its $1 par common stock at $40 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).) 1. On January 2, 2016, Borland reacquired 14 million shares at $38.50 per share. 2. On March 3, 2016, Borland reacquired 14 million shares at $42 per share. 3. On August 13, 2016, Borland sold 1 million shares at $48 per share. 4 On December 15, 2016, Borland sold 2 million shares at $42 per share. View transaction list Journal entry worksheet

Explanation / Answer

Jan-02 Common stock 14 Paid-in capital—Excess of par 546 Paid-in capital—Share repurchase 21 Cash 539 Mar-03 Common stock 14 Paid-in capital—Excess of par 546 Paid-in capital—Share repurchase 21 Retained earnings 7 Cash 588 Aug-13 Cash 48 Common stock 1 Paid-in capital—Excess of par 47 Dec-15 Cash 84 Common stock 2 Paid-in capital—Excess of par 82

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