Business, 17.04.2020 04:30 dizzy1111

In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 170 million shares of its $1 par common stock at $34 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).) On January 2, 2021, Borland reacquired 10 million shares at $32.50 per share. On March 3, 2021, Borland reacquired 10 million shares at $36 per share. On August 13, 2021, Borland sold 1 million shares at $42 per share. On December 15, 2021, Borland sold 2 million shares at $36 per share.

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Answer from: 3397md

See the explanation below:

Explanation:

a. On January 2, 2021, Borland reacquired 10 million shares at $32.50 per share.

Detail Dr ($'M) Cr ($'M)

Common Stock 10

Paid-In Capital - Over Par value[(34-1)*10} 330

Paid-In Capital-Share Repurchase 15

Cash (10*32.5 325

To record the repurchase of share

b. On March 3, 2021, Borland reacquired 10 million shares at $36 per share.

Detail Dr ($'M) Cr ($'M)

Common Stock 10

Paid-In Capital - Over par value [(34-1)*10} 330

Paid-In Capital-Share Repurchase 15

Retained Earnings 5

Cash (10*36) 360

To record the repurchase of share

c. On August 13, 2021, Borland sold 1 million shares at $42 per share.

Detail Dr ($'M) Cr ($'M)

Cash 42

Common Stock 1

Paid-In Capital - Over Par value 41

To record the sales of 1 million shares at $42 per share.

d. On December 15, 2021, Borland sold 2 million shares at $36 per share.

Detail Dr ($'M) Cr ($'M)

Cash (2*36) 72

Common Stock 2

Paid-In Capital - Over Par value 70

To record the sales of 2 million shares at $36 per share.

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Answer from: Quest

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In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had...

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