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.

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.