Borner Communications' articles of incorporation authorized the issuance of 180 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 Common stock, 165 million shares at $i par Paid-in capital - excess of par Retained earnings Sin million) $165 495 275 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 (l.e., 10,000,000 should be entered as 10). 1. On January 7, 2021, Bomer reacquired 4 million shares at $4.50 per share, 2. August 23, 2021, Borner reacquired 6 million shares at $3,50 per share. 3. On July 25, 2022, Borner sold 5 million common shares at $8 per share. View transaction list View journal entry worksheet View transaction list View Journal entry worksheet No Date January 07, 2021 Debit Credit 1 General Journal Common stock Paid-in capital - excess of par Retained earnings Cash 2 August 23, 2021 Common stock Paid-in capital - excess of par Paid-in capital - share repurchase Cash 3 July 25, 2022 Cash Common stock Paid-in capital - excess of par