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In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 190...

In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 190 million shares of its $1 par common stock at $37 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 11 million shares at $36.00 per share. On March 3, 2021, Borland reacquired 11 million shares at $39 per share. On August 13, 2021, Borland sold 1 million shares at $45 per share. On December 15, 2021, Borland sold 2 million shares at $39 per share.

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Answer #1
General Journal Debit Credit
January 2, 2021 Common Stock 11
Paid-In Capital-Excess of Par 396 =11*(37-1)
       Paid-In Capital-Share Repurchase 11
       Cash 396 =11*36
March 3, 2021, Common Stock 11
Paid-In Capital-Excess of Par 396
Paid-In Capital-Share Repurchase 11
Retained Earnings 11
      Cash 429 =11*39
August 13, 2021 Cash 45
       Common Stock 1
      Paid-In Capital-Excess of Par 44
December 15, 2021 Cash 78 =2*39
       Common Stock 2
      Paid-In Capital-Excess of Par 76
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