Johannesson&Johannesson's shareholders equity section of the balance sheet included the following accounts at December 31, 2020:

Shareholders' Equity	($ in millions)
Common stock, 220 million shares at $1 par	$	220
Paid-in capitalexcess of par		1,540
Paid-in capitalshare repurchase		1
Retained earnings		1,300

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.

1. On February 5, 2021, Johannesson&Johannesson purchased 9 million shares at $10 per share.
2. On July 9, 2021, Johannesson&Johannesson sold 4 million shares at $12 per share.
3. On November 14, 2023, Johannesson&Johannesson sold 4 million shares at $7 per share.

2. Prepare the shareholders equity section of Johannesson&Johannessons balance sheet at December 31, 2023 and compare the two approaches (retirement method and treasury stock method). Assume all net income earned in 20212023 was distributed to shareholders in the form of cash dividends.