Exercise 18-11 Retirement of shares [LO18-5 In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had issued 200 million shares of its $1 par common stock at $41 per share. Required: Assuming that Borland retires shares it reacquires, 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 2, 2018, Borland reacquired 13 million shares at $39.00 per share 2. On March 3, 2018, Borland reacquired 13 million shares at $44 per share. 3. On August 13, 2018, Borland sold 1 million shares at $49 per share 4. On December 15, 2018, Borland sold 2 million shares at $44 per share Journal entry worksheet 2 3 4 Record the reacquisition of 13 million shares at $39.00 per share. Note: Enter debits before credits. Date General Journal Debit Credit 13 January 02, 2018 Common stock Paid-in capital-excess of par Retained earnings 507 Cash Clear entry View general journal Record entry View transaction list Journal entry worksheet 2 3 4 SR Record the reacquisition of 13 million shares at $44 per share. Note: Enter debits before credits. Date General Journal Debit Credit March 03, 2018 Record entry Clear entry View general journal Journal entry worksheet 2 4 Record the sale of 1 million shares at $49 per share Note: Enter debits before credits. Date General Journal Debit Credit August 13, 2018 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 4 Record the sale of 2 million shares at $44 per share. Note: Enter debits before credits. Date General Journal Debit Credit December 15, 2018 View general journal Record entry Clear entry