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Problem 182 (Static) Share buyback-comparison of retirement and treasury stock treatment; financial statement effects [LO18-5] The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December 31 . 2023: Required: 1. During 2024, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2024, TNL Systems purchased 6 million shares at $10 per share. b. On July 9,2024 , the corporation sold 2 million shares at $12 per share. c. On November 14, 2026, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2026, comparing the two approaches. Assume all net income earned in 2024-2026 was distributed to shareholders as cash dividends. Complete this question by entering your answers in the tabs below. Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are retired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10). Journal entry worksheet Record the purchase of 6 million shares at $10 per share assuming the shares are retired. Note: Enter debits before credits. Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are retired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (l.e, 10,000,000 should be entered as 10). Journal entry worksheet Record the sale of 2 million shares at $12 per share. Note: Enter debits before credits: Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are viewed as treasury sock. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers millions (t.e, 10,000,000 should be entered as 10). Journal entry worksheet Record the purchase of 6 million shares at $10 per share assuming the shares are viewed as treasury stock. Note: Enter debits before credits. Prepare the entries for both the purchase and subsequent resale for the above transactions of the shar viewed as treasury stock. Note: If no entry is required for a transaction/event, select "No journal entry required" in the "irst acco millions (t.e, 10,000,000 should be entered as 10). Journal entry worksheet Record the sale of 2 million shares at $12 per share. Note: Enter debits before credits. Prepare the entries for both the purchase and subsequent resale for the above transactions of the share vewed os treasury stock. Note: If no entry is required for a transaction/event, select "No journal entry required" in thin first accou militions (he, 10,000,000 should be entered as 10). Journal entry worksheet Record the sale of 2 million shares at $7 per share. Note: Enter debits before credits. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31,2026 , comparing the two approaches. Assume all net income earned in 2024-2026 was distributed to shareholders as cash dividends. Complete this question by entering your answers in the tabs below. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2026, comparing the two approaches. Assume all net income eamed in 2024-2026 was distributed to shareholders as cash dividends. Note: Enter your answers in millions (1.e., 10,000,000 should be entered as 10)