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In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 165 million shares of its $1 par common stock at
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 165 million shares of its $1 par common stock at $27 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).)
- On January 2, 2021, Borland reacquired 12 million shares at $25.50 per share.
- On March 3, 2021, Borland reacquired 12 million shares at $29 per share.
- On August 13, 2021, Borland sold 1 million shares at $35 per share.
- On December 15, 2021, Borland sold 2 million shares at $29 per share.
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