The following excerpt is from an article reported in an online issue of bloomberg. ford motor co. (f) said it will repurchase $3.3 billion of its shares to reduce dilution from recent stock grants to executives. the par amount per share for ford ’s common stock is $0.01. paid-in capital—excess of par is $6.89 per share on average. the market price was $23.5. required: 1. suppose ford reacquires 127.00 million shares through repurchase on the open market at $23.50 per share. prepare the appropriate journal entry to record the purchase. ford considers the shares it buys back to be treasury stock. 2. suppose ford considers the shares it buys back to be retired rather than treated as treasury stock. prepare the appropriate journal entry to record the purchase.

Employees at a library check out books to patrons. books have an isbn and a name. the library sometimes has multiple copies of the same book. books have one or more authors. a patron is an individual who has an active (non-expired) library card. for each library card, we store the person's first and last names and their address. for each employee, we store their employee id, current salary, first and last name and their address. we also store the employee id of their current manager. each time we check out a book to a patron we need to store the date of the transaction, the employee who checked out the book to the patron, and the library card of the patron. some employees have library cards. if an employee patron turns in a book late, the fine that they pay is a percentage of their salary. some employees are authors who have library cards—they are allowed to check out as many books as they like.