Borner Communications' articles of incorporation authorized the issuance of 140 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: C Shareholders' Equity (S in millions) $120 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings 360 310 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), 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 January 7, 2018, Borner reacquired 3 million shares at $6.00 per share. 2. On August 23, 2018, Borner reacquired 5 million shares at $3.00 per share. 3. On July 25, 2019, Borner sold 4 million common shares at $7 per share. Journal entry worksheet 1 2 3 Record the reacquisition of 3 million shares by Borner. Note: Enter debits before credits. Date General Journal Debit Credit January 07, 2018 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the reacquisition of 5 million shares by Borner. Note: Enter debits before credits. Date General Journal Debit Credit August 23, 2018 Record entry Clear entry View general journal Journal entry worksheet 2 Record the sale of 4 million common shares. Note: Enter debits before credits. Date General Journal Debit Credit July 25, 2019 Record entry Clear entry View general journal