The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 300 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 300 2,400 2 2,000 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2021, TNL Systems purchased 7 million shares at $12 per share. b. On July 9, 2021, the corporation sold 3 million shares at $14 per share. c. On November 14, 2023, the corporation sold 3 million shares at $9 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. Req 1 Retired Req 1 Treasury Stock Reg 2 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).) No General Journal Credit Date February 05, 2021 Treasury stock Cash Debit 84 X 84 B July 09, 2021 42 Cash Treasury stock Paid-in capital - share repurchase > > > 36 X 6 November 14, 202 Cash Paid-in capital - share repurchase Retained earnings Treasury stock X X X 27 6 3 XX 36 X Req 1 Retired Req 1 Treasury Stock Reg 2 Prepare the entries for both the purchase and subsequent resale for the above transactions of the shares assuming the shares are viewed 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).) No Credit Date General Journal February 05, 2021 Common stock Paid-in capital - excess of par Paid-in capital - share repurchase Retained earnings Cash X X X X Debit 7 56 X 2 x 19 X 84 B July 09, 2021 42 Cash Paid-in capital - excess of par Common stock 3% X 39 27 November 14, 202 Cash Common stock Paid-in capital - excess of par x x 3X 24 X