Business, 19.11.2019 07:31 ghlin96

Assuming that borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions:
on january 2, 2018, borland reacquired 10 million shares at $32.50 per share.
on march 3, 2018, borland reacquired 10 million shares at $36 per share.
on august 13, 2018, borland sold 1 million shares at $42 per share.
on december 15, 2018, borland sold 2 million shares at $36 per share.

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The first transaction is that 10 million shares are being reacquired at 32.50 per share so we need to find out how much cash is spent to buy these shares.

32.5*10 million = $325 million

We will debit treasury stock and credit cash because the company is buying shares from the market and paying cash

The second transaction is reacquiring 10 million shares at 36 per share so we need to find how much cash is spent

10 million *36= $360 million

We will debit treasury stock and credit cash because the company is buying shares from the market and paying cash

In the third transaction 1 million shares are being sold for 42, so need to figure out how much cash the company gets from the transaction

42* 1 million = 42 million

We will debit cash and credit common stock as the company is issuing shares to the market and getting cash for it

In the fourth transaction 1 million shares are being sold for 36, so need to figure out how much cash the company gets from the transaction

36* 1 million = 36 million

We will debit cash and credit common stock as the company is issuing shares to the market and getting cash for it

Journal entries

Debit Credit

Treasury stock 325 million

Cash 325 million

Treasury stock 360 million

Cash 360 million

Cash 42 million

Common stock 42 million

Cash 36 million

Common stock 36 million

Explanation:

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Assuming that borland retires shares it reacquires, record the appropriate journal entry for each of...

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