The following is a portion of the Statement of Shareholders’ Equity from Cisco Systems’ July 25, 2020 annual report.

Required:
1. How does Cisco account for its share buybacks? Treasury stock or retired shares?
2. For its share buybacks in the period shown, was the price Cisco paid for the shares repurchased (a) more or (b) less than the average price at which Cisco had sold the shares previously?
3. Reconstruct the journal entry Cisco used to record the buyback. The par amount of Cisco’s shares is $0.001.
4. What two amounts comprise Cisco’s comprehensive income for the period shown?
5. What was the amount of Accumulated other comprehensive income (loss) that Cisco reported in its July 25, 2020 balance sheet?

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($ in millions) Balance at July 27, 2019 Net income Other comprehensive income (loss) CISCO SYSTEMS, INC. Consolidated Statements of Equity (in part) Shares of Common Stock 4,250 Common Stock and Additional Paid-In Capital $40,266 Retained Earnings (Accumulated Deficit) $(5,903) 11,214 Accumulated Other Comprehensive Income (Loss) $ (792) 273 Total Equity $33,571 11,214 273