Business, 04.03.2020 00:17 justsuz72p71a21

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 10).) On January 7, 2021, Borner reacquired 2 million shares at $5 per share. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share. On July 25, 2022, Borner sold 3 million common shares at $6 per share.

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Answer from: pandamaknae2003

1. On January 7, 2021, Borner reacquired 2 million shares at $5 per share.

Dr. Common Stock 2

Dr. Paid In Capital (excess of Par)8

Cr. Treasury Stock 10

Being re-acquisition of 2 million shares @ $5 per share

2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share.

Dr. Common Stock 4

Dr. Paid In Capital (excess of Par)10

Cr. Treasury Stock14

Being re-acquisition of 4 million shares @$3.50 per share

3.On July 25, 2022, Borner sold 3 million common shares at $6 per share.

Dr. Cash 18

Cr. Common Stock3

Cr. Paid In Capital (excess of par)...15

Being issuance of 3 million common shares @ $6 per share

Explanation:

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 10).)

1. On January 7, 2021, Borner reacquired 2 million shares at $5 per share.

Dr. Common Stock(2 million x $1) 2

Dr. Paid In Capital (excess of Par)...(2 million x $4)8

Cr. Treasury Stock (2 million x $5)10

Being re-acquisition of 2 million shares @ $5 per share

2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share.

Dr. Common Stock (4 million shares x $1)4

Dr. Paid In Capital (excess of Par)(4 million x $2.5)10

Cr. Treasury Stock(4 million x $3.5)14

Being re-acquisition of 4 million shares @$3.50 per share

3.On July 25, 2022, Borner sold 3 million common shares at $6 per share.

Dr. Cash (3 million shares x $618

Cr. Common Stock(3 million shares x $1)3

Cr. Paid In Capital (excess of par)...(3 million shares x $5)...15

Being issuance of 3 million common shares @ $6 per share

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Answer from: Quest

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