Exercise 18-10 (Algo) Retirement of shares (LO18-5) Brant Communications' articles of incorporation authorized the issuance of 165 million common shares. The transactions described below effected changes in Brant's outstanding shares. Prior to the transactions, Brant's shareholders' equity included the following: Shareholders' Equity Common stock, 150 million shares at $1 par Paid-in capital - excess of par Retained earnings ($ in millions) $ 150 450 260 Required: Assuming that Brant 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, 2021, Brant reacquired 2 million shares at $6.50 per share. 2. On August 23, 2021, Brant reacquired 4 million shares at $3.00 per share. 3. On July 25, 2022, Brant sold 3 million common shares at $8 per share. View transaction list 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. Credit Note : = journal entry has been entered Record entry Clear entry View general journal