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The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December 3 1 , 2 0 2 3
The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December
:
Shareholders' Equity
Common stock, million shares at $ par
Paidin capitalexcess of par
Paidin capitalshare repurchase
Retained earnings
$ in millions
$
Required:
During 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 TNL Systems purchased million shares at $ per share.
b On July the corporation sold million shares at $ per share.
c On November the corporation sold million shares at $ per share.
Prepare the shareholders' equity section of TNL Systems' balance sheet at December comparing the two approaches.
Assume all net income earned in was distributed to shareholders as cash dividends.
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Prepare the shareholders' equity section of TNL Systems' balance sheet at December comparing the two
approaches. Assume all net income earned in was distributed to shareholders as cash dividends.
Note: Enter your answers in millions ie should be entered as
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