Question 8 ABC corporation is authorized to issue 500 million shares of S1 par value. Shareholders' equity included the following information Shareholders' Equity (s in millions) Common stock, 200 million shares at $1 par S200 Paid-in capital -excess of par ($3 per share) 600 420 Retained earnings Record the journal entry for each of the following transactions, assuming that ABC Communications retires shares it reacquires: On January 4, 2020, ABC reacquired 4 million shares at $3.5 per share, On August 22, 2020, ABC reacquired 8 million shares at $7 per share. On July 23, 2021, ABC sold 6 million common shares at $12 per share. Date Account Title and Description Debit Credit Question 3 Total shareholders' equity represents O A. a claim to specific assets contributed by the owners O B. only the amount of earnings that have been retained in the business C. a claim against a portion of the total assets of an enterprise D. the maximum amount that can be borrowed by the enterprise. Question > Common shareholders usually have all of the following rights except: O A. To share in the prolds OB. To atart a haard of itcactars C. To share in Heeers upon sbarehoh Oo. To parazinare in the pay-in-nay eneretons