Question
Borner Communications articles of incorporation authorized the issuance of 150 million common shares. The transactions described below effected changes in Borners outstanding shares. Prior to
Borner Communications articles of incorporation authorized the issuance of 150 million common shares. The transactions described below effected changes in Borners outstanding shares. Prior to the transactions, Borners shareholders equity included the following: |
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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).)
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1 Record the reacquisition of 2 million shares by Borner. 2 Record the reacquisition of 4 million shares by Borner. 3 Record the sale of 3 million common shares.
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