At December 31, 2015, the balance sheet of Meca International included the following shareholders' equity accounts:

Shareholders Equity ($ in millions)

Common stock, 95 million shares at $1 par $ 95

Paid-in capitalexcess of par 470

Retained earnings 580

Required: Assuming that Meca International views its share buybacks as treasury stock, 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 February 12, 2016, Meca reacquired 2 million common shares at $17 per share.

2. On June 9, 2017, Meca reacquired 3 million common shares at $12 per share.

3. On May 25, 2018, Meca sold 3 million treasury shares at $20 per sharedetermine cost as the weighted-average cost of treasury shares.

4. For the previous transaction, assume Meca determines the cost of treasury shares by the FIFO method.