The shareholders' equity section of the balance sheet of TEA included the following accounts. The 200 million common shares and the 300 million preferred shares were issued in 2011. In 2013, TEA repurchased 10 million common shares at $20 per share to be held in treasury.

Shareholders Equity ($ in millions)
	12/31/2016	12/31/2017	12/31/2018
Common Stock, $1 par	200	209	271.7
Paid-in-capital, Excess of Par, Common	2,400	2698	2635.3
5% Preferred Stock, $1 par	300	300	300
Paid-in-capital, Excess of Par, Preferred	7,200	7200	7200
Paid-in-capital, share repurchase	0	40	70
Retained Earnings	5,000	4526	4603
Treasury stocks	(200)	0	0

Shown below are the transactions affecting the shareholders equity of TEA during 2017 & 2018.

2017:

(Feb 1) Sold 2 million treasury stocks at $24 per share.

(July 20) Repurchased 10 million common shares at $27 per share and retired all of them.

(Aug 31) Sold 8 million treasury stocks at $25 per share.

(Oct 1) Cash dividend $5 million declared, preferred (paid on 10/10)

(Dec 5) Declared a 10% common stock dividend when the common stock price was $23 per share. Stocks were issued and distributed on Dec 15.

(Dec 17) Replaced its $1 par value common stock (all the authorized shares) with a new common stock having a $.50 par value. This represents a 2-for-1 stock split. The $1 par stocks were collected and destroyed.

(Dec 31) Reported net income for the year of $100 million

2018:

(Mar 1) Repurchased 20 million common shares at $12 per share to be held in treasury

(Apr 1) Sold 5 million treasury stocks at $11 per share.

(July 1) Sold 5 million treasury stocks at $15 per share.

(July 31) Sold 10 million treasury stocks at $14 per share.

(Dec 5) Declared a 30% common stock dividend when the common stock price was $16 per share. Stocks were issued and distributed on Dec 15.

(Dec 31) Reported net income for the year of $77 million

(Enter your answers in MILLIONS rounded to 2 decimal places.)

Prepare the 2017 comparative statements of shareholders equity.

	(in $ million)	Common Stock $1 par	PIC, Excess of par, common	preferred stock $10 par	PIC, Excess of par, preferred	PIC, share repur -chase	Retained Earnings	Treasury stock	Total Share holders' Equity
Date	Balance at Jan 1, 2017	200	2400	300	7200	0	5,000	(200)	14,900
1-Feb	Sold treasury stocks
20-Jul	Repurchased and retired common shares
31-Aug	Sold treasury stocks
1-Oct	Cash dividend declared, preferred (paid on 10/10)
5-Dec	10% Common stock dividend declared
15-Dec	common stock dividend (declared on 12/5) distributed
17-Dec	2-for-1 stock split
31-Dec	Net income
	Balance at Dec 31, 2017

(2) Keep track of the numbers of outstanding common shares, treasury shares and issued shares after each event in 2017 using the table format as in Q2-(1).

(3) Record journal entries for 2017.

(4) Prepare the 2018 comparative statements of shareholders equity.

(5) Keep track of the number of common shares after each event in 2018 using the table format as in Q2-(1).

(6) Record journal entries for 2018.