Exercise $18-10($Algo$)$ Retirement of shares $[$LO$18-5]$

Borner Communications' articles of incorporation authorized the issuance of $170$ 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:

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:

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 January $7,2024,$ Borner reacquired $2$ million shares at $$7\mathrm{.}00$ per share.

On August $23,2024,$ Borner reacquired $4$ million shares at $$3\mathrm{.}50$ per share.

On July $25,2025,$ Borner sold $3$ million common shares at $$9$ per share.

Journal entry worksheet

Record the reacquisition of $2$ million shares by Borner.

Note: Enter debits before credits.