In $2020,$ Bianca's Natural Disasters entered into the transactions described below. After incorporating in $2019,$ Bianca issued $25$ million shares of its $$3$ par common stock at $$120$ per share, and subsequently repurchased $5$ millions shares at $$122$ per share. There are currently $20$ million shares outstanding.

Bianca has a $$129,589,781,569,987$ credit balance in their Retained Earnings account as of Dec. $31,2019.$

Prepare the journal entries under both the retirement and the treasury stock methods. Each answer should have two journal entries$--$one for retirement, one for treasury stock.

$1.$ On January $2,2020$ when Bianca reacquired $5$ million shares at $$122$ per share.

JE for Retirement

JE for Treasury Stock

$2.$ On May $5,2020$ when Bianca reacquired $10$ million shares at $$118$ per share

JE for Retirement

JE for Treasury Stock

$3.$ On August $25,2020$ when Bianca sold $3$ million shares at $$126$ per share $($for the treasury stock method, assume weighted$-$average cost$).$

JE for Retirement

JE for Treasury Stock