Journal Entries In 2016, Borland Semiconductors entered into the transactions de
ID: 2562947 • Letter: J
Question
Journal Entries
In 2016, Borland Semiconductors entered into the transactions described below. In 2013, Borland had issued 195 million shares of its $1 par common stock at $38 per share
On December 15, 2016, Borland sold 2 million shares at $40 per share
1.) On January 2, 2016, Borland reacquired 13 million shares at $37.00 per share. 2.) On March 3, 2016, Borland reacquired 13 million shares at $40 per share. 3.) On August 13, 2016, Borland sold 1 million shares at $46 per share. 4.)On December 15, 2016, Borland sold 2 million shares at $40 per share
Explanation / Answer
JOURNAL ENTRIES :
DATE ACCOUNTS & EXPLANATION DEBIT CREDIT 2016 jan 2 Treasury stock a/c (13*37) 481 Cash a/c 481 (To record shares reacquired) 2016 Mar 3 Treasury stock a/c (13*40) 520 Cash a/c 520 (To record shares reacquired) 2016 aug 3 Cash a/c 46 Treasury stock a/c 37 Paid in capital from sale of treasury stock 9 (To record sale of treasury stock) 2016 dec 15 Cash a/c (2*40) 80 Treasury stock a/c (2*37) 74 Paid in capital from sale of treasury stock 6 (To record sale of treasury stock)Related Questions
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