Question
In 2016, Borland Semiconductors entered into the transactions described below. In 2013, Borland had issued 190 million shares of its $1 par common stock at
|
In 2016, Borland Semiconductors entered into the transactions described below. In 2013, Borland had issued 190 million shares of its $1 par common stock at $36 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, 2016, Borland reacquired 12 million shares at $34.50 per share. |
| 2. | On March 3, 2016, Borland reacquired 12 million shares at $38 per share. |
| 3. | On August 13, 2016, Borland sold 1 million shares at $44 per share. |
| 4. | On December 15, 2016, Borland sold 2 million shares at $38 per share.
1. Record the reacquiring of 12 million shares at $34.50 per share. 2. Record the reacquisition of 12 million shares at $38 per share. 3. Record the sale of 1 million shares at $44 per share. 4. Record the sale of 2 million shares at $38 per share.
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Auditing Assurance Services And Ethics In Australia
Authors: Alvin Arens
10th Edition
1488609136, 978-1488609138
