Help SavelBit Son 3 Johannesson&Johannesson's shareholders' equity section of the balance sheet included the following accounts at December 31 2020: Shareholders' Equity ($ in millions Common stock, 400 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings $ 400 3,200 1 3,000 15 points 8 01:59:45 Your task: 1. During 2021, Johannesson&Johannesson repurchased shares of its own common stock and subsequently sold shares, in two separate transactions. Please prepare all necessary entries for both the share repurchase and the subsequent resale of the shares, assuming that the shares were (a) retired and (b) considered treasury stock. a. On February 5, 2021, Johannesson&Johannesson purchased 8 million shares at $12 per share. b. On July 9, 2021, Johannesson&Johannesson sold 2 million shares at $14 per share. c. On November 14, 2023, Johannesson&Johannesson sold 2 million shares at $9 per share, 2. Prepare the shareholders' equity section of Johannesson&Johannesson's balance sheet at December 31, 2023 and compare the two approaches (retirement method and treasury stock method). Assume all net income earned in 2021-2023 was distrbuted to shareholders in the form of cash dividends. Complete this question by entering your answers in the tabs below. Reg 2 Reg 1 Reg 1 Retired Treasury Stock Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are retired. (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).) Next > 3 of 36