The shareholders equity section of the balance sheet of TNL System Inc. Included the following accounts at Dec 31, 2012

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

Required:

1. During 2013, TNL systems reacquired shares of its common stock and later sold shares in 2 separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired (b) viewed as treasury stock

a. On Feb, 5, 2013 TNL systems purchased 6 million shares at $10 per share

b. On July 9, 2013, the corporation sold 2 million shares at @ 12 per share

c. On Nov 14, 2015 the corporation sold 2 million shares at $7 per share.

2. Prepare the shareholders equity section of TNL Systems balance sheet at Dec 31, 2015, comparing the two approaches. Assume all net income earned in 2013-2015 was distributed to shareholders as cash dividends.