2. Penne Pharmaceuticals sold 6 million shares of its $1 par common stock to provide funds for research and development.

If the issue price is $11 per share, what is the journal entry to record the sale of the shares? (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).)

Record the payment of the note at maturity

No	Event	General Journal	Debit	Credit
1	1	Cash	?
		Common stock		?
		Paid in capital-excess of par		?

4. Agee Storage issued 43 million shares of its $1 par common stock at $18 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $16 per share.

Assuming that Agee retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Agees total paid-in capital decline if it now reacquires 1 million shares at $22 per share? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).)

Total paid-in capital will decline by: ? million

5. The Jennings Group reacquired 3 million of its shares at $55 per share as treasury stock. Last year, for the first time, Jennings sold 1 million treasury shares at $56 per share.

By what amount will Jennings retained earnings decline if it now sells the remaining 2 million treasury shares at $52 per share? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).)

Retained earnings will decline by: ? million