The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020 Shareholders Equity Common stock, lion shares at $1 par Paldin capital excess of par Paid in capital-share repurchase tained earnings willions) 5360 2160 2 2,600 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 shores are al retired and (b) viewed as treasury stock a On February 5, 2021, TNL Systems purchased 8 million shares et $10 per share. b on July 9 2021 the corporation sold 3 million shares at 512 per share con November 14, 2023, the corporation sold 3 million shores at $7 per shore 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 wos distributed to shareholders as cash dividends. X A Record the purchase of 8 million shares at $10 per share assuming the shares are retired. B Record the sale of 3 million shares at $12 per share. e sha C Record the sale of 3 million shares at $7 per share