the share holders equity section of the balance sheet of tnl systems inc. included the following accounts at december 31 2017.

shareholders equity-($ in millions)

common stock 240 million shares at $1 par-$240

paid- in- capital --excess of par 1680

paid- in- capital -share repurchase 1

retained earnings 1100

1 required- during 2018, tnl systems reacquired shares of its common stock and later sold shares in in two separate transactions. prepare the entries for both the purchase and subsequent resale of the shares assuming are (a) retired and (b) vied as treasury stock.

a. on february 5 2018 tnl systems purchased 6 million shares at $10 per share

b. on july 9 2018 the corporation sold 2 million shares at $12 per share

c. on november 14 2020 the corporation sold 2 million shares at $7 per share

2 prepare the shareholders equity section of tnl systems balance sheet on december 31 2020 comparing the two approaches. assume all net income earned in 2018-2020 was distributed to shareholders as cash dividends.