Requlred: 1. During 2021, TNL Systems reacquired shares of Its common stock and later sold shares in two separate transactions. Prepare the entrles for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) vlewed as treasury stocl a. On February 5, 2021, TNL Systems purchased 6 million shares at $10 per share. b. On July 9,2021 , the corporation sold 2 million shares at $12 per share. c. On November 14,2023 , the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31,2023 , comparing the two approaches. Assume all net Income earned in 2021-2023 was distributed to shareholders as cash dividends. Complete this question by entering your answers in the tabs below. Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are retired. (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).) Journal entry worksheet Record the purchase of 6 million shares at $10 per share assuming the shares are retired. Note: Enter debits before credits. Journal entry worksheet Record the sale of 2 million shares at $12 per share. Note: Enter debits before credits. Journal entry worksheet Record the sale of 2 million shares at $7 per share. Note: Enter debits before credits. repare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are iewed as treasury stock. (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).) Journal entry worksheet Record the purchase of 6 million shares at $10 per share assuming the shares are viewed as treasury stock. Note: Enter debits before credits. Journal entry worksheet Record the sale of 2 million shares at $12 per share. Note: Enter debits before credits. Journal entry worksheet Record the sale of 2 million shares at $7 per share. Note: Enter debits before credits. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31,2023 , comparing the two approaches. Assume all net income earned in 2021-2023 was distributed to shareholders as cash dividends. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
