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Business, 20.08.2019 17:20 kristinashau

Borner communications’ articles of incorporation authorized the issuance of 170 million common shares. the transactions described below effected changes in borner’s outstanding shares. prior to the transactions, borner’s shareholders’ equity included the following: shareholders’ equity ($ in millions) common stock, 155 million shares at $1 par $ 155 paid-in capital—excess of par 465 retained earnings 265 required: assuming that borner communications retires shares it reacquires (restores their status to that of authorized but unissued shares), 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 on january 7, 2018, borner reacquired 2 million shares at $7.00 per share. on august 23, 2018, borner reacquired 4 million shares at $3.50 per share. on july 25, 2019, borner sold 3 million common shares at $9 per share.

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