Journal entry worksheet 2 Record the purchase of 8 million shares at $12 per share assuming the shares are retired. Note: Enter debits before credits. Date General Journal Debit Credit February 05, 2018 Common stock Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings 72 15 Cash 96 Record entry Clear entry View general journal Record the sale of 2 million shares at $14 per share Note: Enter debits before credits. Date General Journal Debit Credit July 09, 2018 Journal entry worksheet 2 Record the sale of 2 million shares at $9 per share. Note: Enter debits before credits. Date General Journal Debit Credit November 14, 2020 2 Record the purchase of 8 million shares at $12 per share assuming the shares are viewed as treasury stock. Note: Enter debits before credits. Date General Journal Debit Credit February 05, 2018 Record the sale of 2 million shares at $14 per share. Note: Enter debits before credits. Date General Journal Debit Credit July 09, 2018 Journal entry worksheet Record the sale of 2 million shares at $9 per share. Note: Enter debits before credits Date General Journal Debit Credit November 14, 2020 Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2020, comparing the two approaches. Assume all net income earned in 2018-2020 was distributed to shareholders as cash dividends. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Shareholder's Equity $ in millions Retirement Treasury stock Paid-in capital: Total shareholders' equity Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity The corporation was authorized to issue 100,000,070 common shares, $1 par per share Required Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 50,000,000 common shares for $20 per share. Mar. 11 Issued 4,600 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $20 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares) Debit 3,000,000 General Journal Credit Date Jan. 12 Land Paid-in capital-donation of land 3,000,000 Sept. 1 Common stock 4,000,0e0 96,000,000 Retained earnings Cash 100,000,000 Dec. 1 Cash 52,000,000 Common stock Gain on sale of previously issued shares 2,000,000 50,000,000 Required Prepare the journal entries that should have been recorded for each of the transactions