Borner Communications' articles of incorporation authorized the issuance of 175 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: Shareholders' Equity ($ in millions) Common stock, 160 million shares at $1 par Paid-in capital-excess of par Retained earnings $160 480 270 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 4 million shares at $5.00 per share. 2. On August 23, 2018, Borner reacquired 6 million shares at $3.00 per share. 3. On July 25, 2019, Borner sold 5 million common shares at $7 per share. View transaction list Journal entry worksheet 2 3 Record the reacquisition of 4 million shares by Borner. Note: Enter debits before credits.