Question

In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had issued 180...

In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had issued 180 million shares of its $1 par common stock at $33 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).)

1. On January 2, 2018, Borland reacquired 9 million shares at $32.00 per share.

2. On March 3, 2018, Borland reacquired 9 million shares at $35 per share.

3. On August 13, 2018, Borland sold 1 million shares at $41 per share.

4. On December 15, 2018, Borland sold 2 million shares at $35 per share.

Homework Answers

Answer #1
January 02, 2018 Common stock 9
Paid-in capital—Excess of par 288 =9*(33-1)
         Paid-in capital—Share repurchase 9
         Cash 288 =9*32
March 03, 2018 Common stock 9
Paid-in capital—Excess of par 288 =9*(33-1)
Paid-in capital—Share repurchase 9
Retained earnings 9
         Cash 315 =9*35
August 13, 2018 Cash 41
      Common stock 1
       Paid-in capital—Excess of par 40
December 15, 2018 Cash 70 =2*35
      Common stock 2
       Paid-in capital—Excess of par 68
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