At December 31, 2023, the balance sheet of Meca International included the following shareholders' equity accounts:

Shareholders Equity ($ in millions)

Common stock, 85 million shares at $1 par $ 85

Paid-in capitalexcess of par 350

Retained earnings 460

Required:

Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions:

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 (i.e., 10,000,000 should be entered as 10).

On February 12, 2024, Meca reacquired 2 million common shares at $16 per share. On June 9, 2025, Meca reacquired 3 million common shares at $11 per share.

On May 25, 2026, Meca sold 3 million treasury shares at $18 per share. Determine cost as the weighted-average cost of treasury shares.

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