Exercise 18-10 (Algo) Retirement of shares [LO18-5]

Brant Communications articles of incorporation authorized the issuance of 120 million common shares. The transactions described below effected changes in Brants outstanding shares. Prior to the transactions, Brants shareholders equity included the following:

Shareholders Equity	($ in millions)
Common stock, 105 million shares at $1 par	$	105
Paid-in capital excess of par		315
Retained earnings		215

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 $5.50 per share.
2. On August 23, 2021, Brant reacquired 5 million shares at $3.00 per share.
3. On July 25, 2022, Brant sold 3 million common shares at $6 per share.