Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of 160 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 (s in millions) Common stock, 145 million shares at $1 par $145 Paid in capital - excess of par 435 Retained earnings 255 orded d ok 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 (ie. 10,000,000 should be entered as 10).) 1. On January 7, 2021. Borner reacquired 4 million shares at $600 per share. 2. On August 23, 2021, Bomer reacquired 6 million shares at $3.50 per share. 3. On July 25, 2022. Bomer sold 5 million common shares at $7 per share No Credit 1 Date General Journal January 07, 2021 Common stock Pald-in capital excess of par Retained earnings Cash Debit 4 x DOO Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but u record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be ente 1. On January 7, 2021, Borner reacquired 4 million shares at $6.00 per share. 2. On 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 $7 per share. warded No red Credit 1 Debit 4 Date General Journal January 07, 2021 Common stock Paid-in capital - excess of par Retained earnings Cash OOOO OOK X X Tint 2 6 August 23, 2021 Common stock Paid-in capital - excess of par Paid-in capital - share repurchase Cash 12 x Blo XX 3 July 25, 2022 5 Cash Common stock Paid-in capital - excess of par DO x