The following excerpt is from an article reported in an online issue of Bloomberg. Ford Motor Co. (F) said it will repurchase $3.3 billion of its shares to reduce dilution from recent stock grants to executives. The par amount per share for Ford's common stock is $0.01. Paid-in capital-excess of paris $6.89 per share on average. The market price was $23.5. Required: 1. Suppose Ford reacquires 12700 million shares through repurchase on the open market at $23.50 per share. Prepare the appropriate journal entry to record the purchase. Ford considers the shares it buys back to be treasury stock. 2. Suppose Ford considers the shares it buys back to be retired rather than treated as treasury stock. Prepare the appropriate journal entry to record the purchase. Required 1 Required 2 Suppose Ford reacquires 127.00 million shares through repurchase on the open market at $23.50 per share. Prepare the appropriate journal entry to record the purchase. Ford considers the shares it buys back to be 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 and rounded to 2 decimal places (1.e., 5,500,000 should be entered as 5.50).) Show less View transaction list Journal entry worksheet

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